Sebastian S. Kresge
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Sebastian Spering Kresge (July 31, 1867 – October 18, 1966), American merchant and philanthropist, was the founder of the The S. S. Kresge Company (later Kmart), now known as the Sears Holdings Corporation.
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[edit] Early life and education
Kresge was born in Bald Mountain, (near Wilkes Barre, Pennsylvania), the son of Sebastian Kresge, a farmer, and Catherine Kresge (née Kunkle).
Living on the family farm until he was 21 years old, he was educated in the local public schools, at the Fairview Academy, in Broadville, Pennsylvania, and at the Eastman Business College, from which he graduated in March, 1889.
[edit] Professional life
Following his graduation, he clerked in a hardware store for two years, then worked as a traveling salesman from 1892 to 1897.
On March 20, 1897, Kresge started with James G. McCrorey (founder of J.G. McCrory's ) at a five and ten cent store in Memphis, Tennessee. He continued in this for two years, then in 1899 founded his company with Charles J. Wilson with an $8,000 investment in two five-and-ten-cent stores, one in downtown Detroit, Michigan (for which he traded ownership in McCrory's).
In 1912, he incorporated the S.S. Kresge Corporation with 85 stores. The company was first listed on the New York Stock Exchange on May 23, 1918. During World War I, Kresge experimented with raising the limit on prices in his stores to $1.
By 1924, Kresge was worth approximately $375,000,000 (in 1924 dollars) and owned real estate of the approximate value of $100,000,000 (see Farid-Es-Sultaneh v. Commissioner, 160 F.2d 812 (2d Cir. 1947)).
The first Kmart opened in 1962. Kresge died in 1966. In 1977, the S. S. Kresge Corporation changed its name to Kmart Corporation.
In 1924, Kresge established The Kresge Foundation, a non-profit organization whose income he specified simply "to promote the well-being of mankind." By the time of his death, Kresge had given the foundation over $60 million. A strongly committed prohibitionist, he organized the National Vigilance Committee for Prohibition enforcement and also heavily supported the Anti-Saloon League financially.[1]
The Kresge Eye Institute at Wayne State University was established through a grant from the Kresge Foundation.
A street in Amherst, Ohio (Kresge Drive) is named after Sebastian Kresge.
A college at UCSC in Santa Cruz, CA is also named for Sebastian S. Kresge.
The Kresge Library at Oakland University in Rochester, Michigan is his namesake.
The Kresge Library at University of Michigan Ross School of Business is his namesake.
[edit] Sources
- "Kresge, Sebastian S.", The Book of Detroiters, Marquis, Albert Nelson, ed., 1914, p. 291
[edit] External links
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