S. S. Kresge facts for kids
Quick facts for kids
S. S. Kresge
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Sebastian Spering Kresge
July 31, 1867 Allentown, Pennsylvania, U.S.
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| Died | October 18, 1966 (aged 99) |
| Alma mater | Eastman Business College |
| Known for | Kmart |
Sebastian Spering Kresge (born July 31, 1867 – died October 18, 1966) was an American businessman. He became famous for starting and owning two chains of stores. One was the S. S. Kresge Company, which grew into one of the biggest discount store chains in the 20th century. This company later changed its name to Kmart Corporation in 1977. He also owned the Kresge-Newark department store chain.
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Early Life and School
Sebastian Kresge was born near Allentown, Pennsylvania. He grew up on his family's farm in Kresgeville, a town named after his ancestors. He lived there until he was 21 years old. For his education, he went to local public schools, the Fairview Academy, and then to the Eastman Business College in Poughkeepsie, New York. He finished college in March 1889.
Starting His Business Career
After graduating, Sebastian worked in a hardware store for two years. Then, from 1892 to 1897, he traveled around as a salesman. On March 20, 1897, Kresge started working for James G. McCrory. McCrory owned a "five-and-ten-cent store" in Memphis, Tennessee. These stores sold many different items, all for five or ten cents. Kresge worked there for two years.
In 1897, Kresge decided to start his own business with a partner, Charles J. Wilson. They invested $8,000 to open two five-and-ten-cent stores. One of these stores was in downtown Detroit, Michigan. In 1912, his company, the S.S. Kresge Company, officially became a corporation with 85 stores. The company's shares were first sold on the New York Stock Exchange in 1918.
Kresge also started another company in 1923. He bought a large department store in Newark, New Jersey, called L.S. Plaut & Co. He renamed it Kresge-Newark and opened more branch stores. This new department store company was separate from his discount store business. By 1924, Kresge was a very wealthy man.
Personal Life
Kresge was a member of the North Methodist Episcopal Church in Detroit. He also belonged to many groups, including several Masonic lodges, the Shriners, and the YMCA. He was part of various clubs like the Detroit Athletic, Boat, and Golf Clubs.
Sebastian Kresge passed away on October 18, 1966, when he was 99 years old.
Kresge's Legacy: Kmart and Beyond
The very first Kmart store opened in 1962 in Garden City, Michigan. Sebastian Kresge died four years later. In 1977, the S. S. Kresge Corporation officially changed its name to the Kmart Corporation. Later, in 2005, Kmart bought Sears, and together they formed a new company called Sears Holdings Corporation.
In 1924, Kresge created The Kresge Foundation. This is a non-profit organization that uses its money to "promote the well-being of mankind." By the time he died, Kresge had given over $60,000,000 to this foundation. The foundation's value has grown a lot over the years, reaching over $4 billion by 2022.
Places Named After Kresge
Many places have been named in honor of Sebastian S. Kresge, often because of donations from The Kresge Foundation.
Here are some examples:
- The S.S. Kresge Learning Resource Center at Meharry Medical College
- The Kresge Eye Institute at Wayne State University
- The Kresge Science Complex at Albion College
- A street in Amherst, Ohio, called Kresge Drive
- Kresge College, a living area at the University of California, Santa Cruz
- The Kresge Auditorium at the Massachusetts Institute of Technology
- The Kresge Library at Oakland University
- The Kresge Engineering Library at University of California, Berkeley
- Kresge Hall at Northwestern University
- The Kresge Art Center at Michigan State University
- The Kresge Court at the Detroit Institute of Art
- YMCA Camp Kresge in Wilkes-Barre, Pennsylvania
