The first Kmart store was opened on March 1st, 1962 by Sebastian S. Kresge and the 'K' was named after himself, after which a total of eighteen stores were opened in the year 1962. In the late 1980s, the corporate offices shifted their attention to other companies it had acquired or created. On January 22, 2002 Kmart filed for Chapter 11 bankruptcy. Over 300 stores were closed and over 34,000 workers were laid off. The CEO, President, and four other executives lied about the financial crisis of the company while making millions abusing the company's funds. Two accounting executives were sued by the Securities and Exchange Commission for civil and criminal charges for improperly booking an entry which their incentive pay was based upon.
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