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.
C corporation C corporation A C corporation, under United States federal income tax law, refers to any corporation that is taxed separately from its owners. A C corporation is distinguished from an S corporation, which generally is not taxed separately. Most major companies (and many smaller companies) are treated as C corporations for U.S. federal income tax purposes. C corporations and S corporations both enjoy limited liability, but only C corporations are subject to corporate income taxation. Generally, all for-profit corporations are automatically classified as a C corporation "unless" the corporation elects the option to treat the corporation as a flow-through entity