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.
L. S. Ayres L. S. Ayres L. S. Ayres and Company was an Indianapolis, Indiana, department store founded in 1872 by Lyman S. Ayres. Over the years its Indianapolis flagship store, which opened in 1905 and was later enlarged, became known for its women's fashions, the Tea Room, holiday events and displays, and the basement budget store. As urban populations shifted to the suburbs, Ayres established branch stores in new shopping centers in several Indiana cities. Ayres also acquired retail subsidiaries in Springfield, Illinois; Fort Wayne, Indiana; and Louisville, Kentucky. Ayr-Way, the Ayres discount store subsidiary, became the first discount store launched by