Kmart, originally incorporated as S.S. Kresge Corporation in 1899 by founder S.S. Kresge, grew into a global retail powerhouse, peaking in 1994 with over 2,400 stores worldwide. The first Kmart-branded store opened in 1962, just months before Walmart, inspired by the discount retailer Ann & Hope. However, the company began a slow decline in the late 1990s, leading to its first Chapter 11 bankruptcy in 2002 and a 2005 merger with Sears to form Sears Holdings Corporation. After Sears Holdings filed for bankruptcy in 2018, Kmart became a subsidiary of Transform SR Brands LLC, but closures accelerated, and the last full-sized big-box store in the mainland US closed in 2024. As of 2026, only three Kmart locations remain—in the US Virgin Islands, Guam, and Florida—marking the dramatic end of a once-dominant retail era.