[경영학원론] K-MART K마트 파산 사례(영문)

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레포트 > 경제경영계열
2009.08.29
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[경영학원론] K-MART K마트 파산 사례(영문)에 대한 자료입니다.

1. INTRODUCTION

2. BEFORE BANKRUPTCY(SWOT)

3. PROCESS of BANKRUPTCY

4. WHY K-MART WAS BANKRUPT?

5. COMPARISON of K-MART and Wal-MART

6. WHO BLAMED ABOUT K-MART BANKRUPCY?

7. WHO WERE DAMAGED?

본문내용

EXECUTIVE SUMMARY

The paper is structured into 7 major parts. First, it gives an introduction of the company K-mart. Introduction is about what Kmart is, what countries Kmart places , who is the CEO in this company and about the merger. After this, there is a SWOT-Analysis of K-mart. It explains about the strength, weakness, opportunity and threat of Kmart. Also there is the process of the bankruptcy of Kmart. In the part of the reasons of bankruptcy, there are three big causes that led Kmart to fail. Next we compare Kmart with Wal mart. Due to bankruptcy of Kmart is related with the success of Wal mart. At the end, there is analysis about who we have to blame about the bankruptcy and who most damaged.
1. INTRODUCTION

K-mart is a chain of discount department stores in the United States, Puerto Rico, the
U.S. Virgin Islands, and Guam. The chain merged with Sears in 2005, creating the Sears
Holdings Corporation. K-mart also exists in Australia and New Zealand , although it now has no relation to the American stores except in name, after U.S. equity in the Australian business was purchased in the late 1970s. K-mart is the third largest discount store chain in the world, behind Wal-Mart and Target; all three chains were founded in 1962. As of January 28, 2006, K-mart operated a total of 1,416 K-mart stores across 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands. This store count included 1,361 discount stores, averaging 92,000 square feet, and 55 Super Centers, averaging 165,000 square feet
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. Kresge started with James G. McCrorey (founder of J.G. McCrory's ) at a five and ten cent store in Memphis, Tennessee. He continued in this for two years, then in 1899 founded his company with Charles J. Wilson 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. Kresge died in 1966. In 1977, the S. S. Kresge Corporation changed its name to K-mart Corporation.
Charles C. Conaway was the incumbent CEO when K-mart went bankrupt.
He was the youngest CEO in the history of K-mart who succeeded Floyd Hall to save K-mart. He adopted a scheme called Blue Light Special, which sold top brand products for discounted prices for 20 minutes. Considering the fact that consumers had fragrances on blue light, he accelerated price competition with Wal-Mart through this new managing means.His Blue Light scheme, however, ended in failure. His strategy was to offer lower prices than Wal-Mart did by cutting off the funds for paper advertising to make up the costs, but the business eventually hit the skids as consumer sales did not increase as expected.

2. BEFORE BANKRUPTCY(SWOT)

3. PROCESS of BANKRUPTCY

On January 22, 2002, K-mart filed for Chapter 11 bankruptcy protection under the leadership of its then-chairman Chuck Conaway and president Mark Schwartz. Conaway, who had had success building up the CVS Corporation, had accepted an offer to take the helm at K-mart along with a loan of some $5 million. In a scandal similar to that involving Enron, Conaway and Schwartz were accused of misleading shareholders and other company officials about the company's financial crisis while making millions and allegedly spending the company's money on airplanes, houses, boats and other luxuries. At a conference for K-mart employees January 22, Conaway accepted "full blame" for the financial disaster. As K-mart emerged from bankruptcy, Conaway was forced to step down and was asked to pay back all the loans he had taken.
While the company was in bankruptcy, Edward Lampert bought K-mart bonds for his hedge fund, ESL Investments. On May 6, 2003, K-mart officially emerged from bankruptcy protection

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