Kmart Corporation. Sears Holdings, the parent company of Kmart, declared Chapter 11 bankruptcy on October 15, 2018. S. S. Kresge, the founder of the company that would become Kmart, met variety-store pioneer Frank Winfield Woolworth while working as a traveling salesman and selling to all 19 of Woolworth's stores at the time. In 1897 Kresge invested $6,700 saved from his job into a five-and-dime store in Memphis, Tennessee. He jointly owned the first store with his former tinware customer, John McCrory. Kresge and McCrory added a second store in downtown Detroit the following year. These were the first S.S. Kresge stores.
Kresge-Newark and its Breakfast With Santa sold out early each season. In the 1940s the firm opened a multi-story parking garage, 1 block from its store. The garage located at the corner of Raymond Blvd, and Central Avenue was the only structure of its type in downtown Newark that was run by a department store. Bamberger's and Hahne's offered small surface lots next to their stores. With the opening of the garage, Kresge-Newark used the motto, "easiest to reach, pleasantness to shop in". This motto was related to not only the parking garage, but its (2) subway entrances, and numerous bus