July 23, 2016 8:49 AM ET

Multiline Retail

Company Overview of Kmart Corporation

Company Overview

Kmart Corporation operates discount retail stores that markets general merchandise under Jaclyn Smith and Joe Boxer labels, as well as Sears brand products such as Kenmore, Craftsman, and DieHard. It also markets its products online. Kmart Corporation was formerly known as S. S. Kresge Company, Inc. and changed its name to Kmart Corporation in January 1977. The company was founded in 1899 and is based in Troy, Michigan. Kmart Corporation operates as a subsidiary of Sears Holdings Corporation.

3100 West Big Beaver Road

Troy, MI 48084

United States

Founded in 1899

Phone:

248-463-1000

Fax:

248-643-5249

Key Executives for Kmart Corporation

President and Chief Member Officer
Age: 45
Compensation as of Fiscal Year 2016.

Kmart Corporation Key Developments

Kmart Announces the Launch of Nicki Minaj's Holiday Capsule Collection

Kmart announced the launch of Nicki Minaj's Holiday Capsule Collection joining the stylish apparel collection already available at select Kmart locations and Kmart.com. The new, sophisticated and glamorous pieces including crop tops, pencil skirts and bodycon style dresses debuted on November, 27th coined by Nicki as 'Pink Friday.' Additionally, a limited edition couture collection will be available at Nickiminajcollection.com. The collection features signature high-end pieces, made with luxurious fabrics, including genuine shearling fur and suede, soft Italian leather and 100% merino wool. The limited edition Couture Collection boasts a form-fitting black leather paneled dress as the investment piece, and an asymmetrical leather jacket is a standout among the predominately all-black collection. About the collections: The Nicki Minaj Holiday Capsule Collection is designed to make all women look fashionable and feel confident in their curves. Each piece in the collection is created with easy-to-wear fabrics including versatile rib knits, soft velvet-like ultra suede, and comfortable jersey cotton blends. Prices range from $12.99 to $24.99. The pieces will be available November 27 in select Kmart stores, on kmart.com and on ShopYourWay.com. The Capsule collection is the perfect way for Nicki Minaj to share her passion for runway-quality fashion with her fans in a personal and attainable way. This collection will be available exclusively on Nickiminajcollection.com, powered by Shopyourway. The couture capsule retail prices range from $75.00-$225.00. Items will be available for purchase starting on November 27th 2015.

Kmart Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended August 1, 2015; Reports Impairment Charges for the Second Quarter Ended August 1, 2015

Kmart announced unaudited earnings results for the second quarter and six months ended August 1, 2015. For the quarter, the company reported merchandise sales and services revenues were $2,459 million compared to $2,923 million for the same period a year ago. Operating income was $37 million compared to operating loss of $142 million for the same period a year ago. Adjusted LBITDA was $81 million compared to $120 million for the same period a year ago. For the six months, the company reported merchandise sales and services revenues were $4,815 million compared to $5,820 million for the same period a year ago. Operating loss was $70 million compared to $240 million for the same period a year ago. Adjusted LBITDA was $142 million compared to $207 million for the same period a year ago. The company reported impairment charges of $2 million for the second quarter ended August 1, 2015.

Kmart to Close Belair Road Store

Kmart announced that it is closing another Baltimore-area store, resulting in the loss of 102 jobs. The company will permanently close its 7923 Bel Air Road location in Parkville on November 8, 2015. The layoffs are expected to begin November 1, 2015. The company has been steadily closing locations in an effort to reduce on-going expenses, adjust asset base, and accelerate the transformation of its business model. Employees that are eligible can receive severance and apply for positions at other Sears or Kmart locations in the area. The store closure follows the closure of a Wabash Avenue location in September 2015.

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