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By 1924, Kresge was worth approximately $375,000,000 ($3.83 billion in 2009 dollars) and owned real estate of the approximate value of $100,000,000. Personal life. He was married and divorced at least twice by 1928. Kresge and his family were members of Detroit's North Methodist Episcopal Church.
By the time of Kresge’s death in 1966, the foundation had distributed $70,000,000 in grants with a remaining net worth of $175,000,000. This article was most recently revised and updated by Encyclopaedia Britannica. S.S. Kresge was an American merchant who established a chain of nearly 1,000 variety and discount stores throughout the United States.
By 1925, when Kresge stepped down as president, there were 307 S.S. Kresge Company stores, and by 1928 that number had grown to 451. S.S. Kresge stock was one of the best investments of the so-called “Roaring 1920s,” with prices before the 1929 stock crash approaching $900 a share.
Jul 3, 1985 · The foundation, set up by his father, Sebastian Spering Kresge in 1924, is one of the 10 largest in the country, with listed assets of $814 million as of last year. Starting with a single store...
Apr 10, 2023 · Before the Giving Pledge, Kresge left 90% of his net worth to the foundation. "We've given away roughly $4 billion in our 99 years of existence," said John A. Barker, Chief Investment Officer...
It is a subsidiary of Sears Holdings Corporation. The company was founded by Sebastian S. Kresge, a traveling hardware salesman, and John G. McCrory, owner of eight general merchandise stores in the eastern United States and one of Kresge’s customers. In 1897 the two opened a pair of five-and-ten-cent stores in Memphis, Tennessee, and Detroit ...
“I am presently donating to the foundation 500,000 shares of common stock of the S.S. Kresge Company, having a present market value of approximately $22,500,000.” These initial and subsequent stock contributions would serve the foundation well: throughout much of its first half-century, ownership of S.S. Kresge Co. (and subsequently Kmart ...
