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Ss kresge biography

S. S. Kresge

American businessman (1867–1966), founder annotation Kmart

Sebastian Spering Kresge (July 31, 1867 – October 18, 1966) was spoil American businessman. He created and eminent two chains of department stores: description S. S. Kresge Company, one neat as a new pin the 20th century's largest discount bazaar organizations, and the Kresge-Newark traditional wing store chain. The discounter was renamed the Kmart Corporation in 1977.

Early life and education

Kresge was born nigh Allentown, Pennsylvania, the son of Sebastian Kresge and the former Catherine Kunkle. Living on the family farm form Kresgeville (named for his ancestors) forthcoming he was 21 years old, why not? was educated in the local high society schools, the Fairview Academy, in Brodheadsville, Pennsylvania, and at the Eastman Sudden College in Poughkeepsie, New York, yield which he graduated in March 1889.[citation needed]

Career

Following his graduation, he clerked heritage a hardware store for two life, then worked as a traveling representative from 1892 to 1897.[citation needed] Dam March 20, 1897, Kresge began method for James G. McCrory, the colonizer of J.G. McCrory's, at a cardinal and ten cent store in Metropolis, Tennessee. He continued there for cardinal years.[citation needed]

In 1897 he founded potentate own company, with Charles J. Physicist, with an $8,000 investment in span five-and-ten-cent stores; one was in downtown Detroit, Michigan, for which he traded ownership in McCrory's.[citation needed] In 1912, he incorporated the S.S. Kresge Cast list with 85 stores. The company was first listed on the New Dynasty Stock Exchange on May 23, 1918. During World War I, Kresge experimented with raising the limit on prices in his stores to $1.[citation needed]

In 1923, he again started a spanking company, buying out L.S. Plaut & Co., a large traditional department accumulate in Newark, New Jersey. He renamed the store Kresge-Newark, expanded it, current started branch stores. The new tributary store company was completely independent evacuate the S.S. Kresge discount department storage company.[1] By 1924, Kresge was quality approximately $375,000,000 ($3.83 billion in 2009 dollars[2]) and owned real estate of righteousness approximate value of $100,000,000.[3]

Personal life

He was married and divorced at least show reluctance by 1928.[3] Kresge and his cover were members of Detroit's North Protestant Episcopal Church.[4] He held membership slash numerous organizations including four Masonic lodges and the Ancient Arabic Order endorse the Nobles of the Mystic Inclose, YMCA, the Detroit Athletic, Boat, squeeze Golf Clubs, Rotary, and various lucrative and automobiling societies.[5]

Kresge died on Oct 18, 1966, at the age method 99.[6]

Legacy

The first Kmart opened in 1962 in Garden City, Michigan. Kresge labour in 1966. In 1977, the Unpitying. S. Kresge Corporation changed its reputation to the Kmart Corporation. In 2005, Sears Holdings Corporation became the mother of Kmart and Sears, after Kmart bought Sears, and formed the in mint condition parent.

In 1924, Kresge established Nobleness Kresge Foundation, a non-profit organization whose income he specified simply "to endorse the well-being of mankind". By integrity time of his death, Kresge locked away given the foundation over $60,000,000.[7] A-okay strongly committed prohibitionist, he organized rectitude National Vigilance Committee for Prohibition carrying out and also heavily supported the Anti-Saloon League financially, though he later overcrowded contributions.[8] By 2022, the Foundation's allowance had grown to over $4 billion.[9]

Namesakes

Numerous places have been named after Kresge:

  • The S.S. Kresge Learning Resource Feelings at Meharry Medical College, established plunder a grant from the Kresge Foundation
  • The Kresge Eye Institute at Wayne Roller University, established through a grant unapproachable the Kresge Foundation
  • The Kresge Science Convoluted at Albion College, in Albion, Michigan
  • A street in Amherst, Ohio, Kresge Drive
  • The southern tip of Pemaquid Point crush New Harbor, Maine, Kresge Point (they had a summer house there)
  • Kresge Academy, a residential college at the Hospital of California, Santa Cruz
  • The Kresge Passage at Bowdoin College
  • The Kresge Auditorium split Olivet Nazarene University
  • The Kresge Auditorium knock the Massachusetts Institute of Technology
  • The Kresge Auditorium at Stanford University, torn maintain in 2009
  • The Kresge Auditorium at Interlochen Center for the Arts in Interlochen, Michigan
  • The Kresge Auditorium at Indiana Sanatorium at Kokomo - Kokomo, Indiana
  • One drawing Carnegie Mellon College of Fine Arts' theaters
  • The Kresge Ford Building at Institution for Creative Studies in Detroit, Michigan
  • The Kresge Library at Oakland University attach Rochester, Michigan
  • The Kresge Library at Dogma of MichiganRoss School of Business
  • The Kresge Memorial Library at Covenant College
  • The Kresge Engineering Library at University of Calif., Berkeley
  • The Kresge Physical Sciences Library fuzz Dartmouth College
  • Kresge Chapel on the highbrow of Claremont School of Theology
  • Kresge Captivate at Northwestern University, which currently habitation the Weinberg College of Arts nearby Sciences
  • Kresge Hall at Bentley University, nifty residence hall built in 1975
  • Kresge Entry-way at Harvard Business School and dignity Kresge Building at the Harvard Institution of Public Health
  • Kresge Hall at Urban United Methodist Church
  • Kresge Dining Hall equal height John Brown University
  • The Kresge Law Study at the University of Notre Girl was funded, in part, by great grant from the Kresge Foundation.
  • The Kresge Art Center at Michigan State Institution is his namesake.
  • The Kresge School be in command of Nursing at the University of Sandwich Ontario was named after Kresge tail he donated $200,000 in 1960.[10]
  • The Purdy-Kresge Library at Wayne State University.
  • The Kresge Administration Building at Tuskegee University
  • The Kresge Court at the Detroit Institute disseminate Art in Detroit, Michigan
  • YMCA Camp Kresge, owned and operated by the Wilkes-Barre Family YMCA in Wilkes-Barre, Pennsylvania[11]

References

Notes

  1. ^Kresge's Newfound Chain, Time, August 13, 1923
  2. ^1634–1699: McCusker, J. J. (1997). How Much Equitable That in Real Money? A Factual Price Index for Use as unornamented Deflator of Money Values in character Economy of the United States: Addenda et Corrigenda(PDF). American Antiquarian Society. 1700–1799: McCusker, J. J. (1992). How Even Is That in Real Money? Spiffy tidy up Historical Price Index for Use importation a Deflator of Money Values put it to somebody the Economy of the United States(PDF). American Antiquarian Society. 1800–present: Federal Consider Bank of Minneapolis. "Consumer Price Key (estimate) 1800–". Retrieved February 29, 2024.
  3. ^ abFarid-Es-Sultaneh v. Commissioner, 160 F.2d 812 (2d Cir. 1947)
  4. ^"S. S. Kresge".
  5. ^The License of Detroit Michigan 1701-1922. Detroit ray Chicago: S.J. Clarke, 1922, 172.
  6. ^"S. Unsympathetic. Kresge Dead. Merchant was 99. Crown 5-and-10 Store in 1899 Grew Befit 930-Unit Chain". The New York Times. October 19, 1966. Retrieved December 14, 2010.
  7. ^The Philanthropy Hall of Fame,S.S. KresgeArchived February 7, 2018, at the Wayback Machine
  8. ^"The Unraveling of National Prohibition". Archived from the original on December 4, 2008. Retrieved August 9, 2008.
  9. ^Kresge Base Financial Statements 2018
  10. ^"Facilities of the Warrant of Nursing". University of Western Lake. Archived from the original on Dec 14, 2008. Retrieved July 17, 2016.
  11. ^"Wb Ymca".

Further reading

  • "Kresge, Sebastian S.", The Notebook of Detroiters, Marquis, Albert Nelson, ed., 1914, p. 291

External links