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 K-Mart), now known as the Sears Holdings Corporation.

Born in Bald Mountain, Pennsylvania, Kresge invested in McCrory's. He founded his company in 1899 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 K-Mart opened in 1962. 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.