Publications

January 2018 (Revised October 2020)
Case

The Rise and Rise (?) of Walmart (A): Battling Kmart

By: Ramon Casadesus-Masanell, Eric Van den Steen and Karen Elterman

This case, set in 1990, describes the history of Walmart and asks what competitive strategies Kmart might adopt in response to Walmart's success. It discusses the strategy and organization of both companies in terms of HR practices, store location, distribution,... View Details

Keywords: Walmart; Kmart; Organization; Company Culture; Pricing; Procurement; Supercenter; Strategy; Competition; Organizational Culture; Competitive Strategy; Retail Industry; United States; Bentonville; Arkansas

October 1998 (Revised May 1999)
Case

Kmart Corp.

Describes a situation in which a company (Kmart) refinances a portion of its debt. Used to illustrate how the asset and liability sides of the balance sheet are linked. View Details

Keywords: Restructuring; Accounting; Borrowing and Debt; Retail Industry

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February 2000 (Revised December 2001)
Case

Kmart Inc. and Builders Square

In 1997, Kmart received an offer from retail buyout specialists Leonard Green & Partners for the purchase of its ailing 162-store home improvement chain, Builders Square. Green's offer included a $10 million cash payment, a warrant to purchase a 28% stake in the new... View Details

Keywords: Business Subsidiaries; Valuation; Leveraged Buyouts; Construction Industry; Retail Industry; United States

July 2005 (Revised April 2008)
Case

The Rise of Kmart Corporation 1962-1987

By: John R. Wells and Travis Haglock

Tracks the development of the Kmart discount store chain from its inception in 1961 to its peak in 1990 and examines the contribution of each Kmart chief executive to the chain's success. In, parallel, compares the performance of Wal-Mart over the same period along a... View Details

Keywords: History; Strategic Planning; Leadership; Competitive Strategy; Performance Evaluation; Retail Industry; United States

August 2008 (Revised May 2009)
Case

Kmart and ESL Investments (A)

By: Stuart C. Gilson and Sarah Abbott

A major bankrupt retailer is poised to emerge from Chapter 11. Two activist hedge funds ("vulture investors") will own over 50% of reorganized Kmart's common stock, based on prior investments in Kmart's debt claims, and an infusion of new equity financing. The Chapter... View Details

Keywords: Restructuring; Capital Structure; Insolvency and Bankruptcy; Investment; Investment Activism; Valuation; Financial Services Industry; Retail Industry; United States

April 2008
Teaching Note

The Rise of Kmart Corporation 1962-1987 (TN)

By: John R. Wells

Teaching Note for [706403]. View Details

Keywords: Retail Industry; United States

October 2008 (Revised May 2009)
Supplement

Kmart and ESL Investments (B): The Sears Merger

By: Stuart C. Gilson and Sarah Abbott

Supplement to 209-044 View Details

Keywords: Investment; Mergers and Acquisitions; Retail Industry

June 2002
Article

Identity Crisis: CEO James Adamson needs to figure out what Kmart is and how to manage its competition

By: R. S. Tedlow

Keywords: Identity; Management; Competition; Consumer Products Industry

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September 2006 (Revised July 2008)
Case

The Rise of Wal-Mart Stores Inc. 1962-1987

By: John R. Wells and Travis Haglock

It is 1988 and David Glass has just taken over as CEO from the legendary Sam Walton at Wal-Mart. Meanwhile, Joe Antonini has just taken the CEO position at Wal-Mart's arch rival, Kmart. Although Wal-Mart is still well behind Kmart, it appears to be in great shape and... View Details

Keywords: Competition; Business Growth and Maturation; Management Succession; Growth and Development Strategy; Retail Industry; United States

April 2019 (Revised December 2021)
Case

Sears: The Demise of an American Icon

By: Kristin Mugford and Sarah L. Abbott

In 2019, ESL Investments’ $5.2 billion offer to purchase Sears Holdings out of Chapter 11 bankruptcy, was accepted, despite opposition from the company's unsecured creditors and other parties. ESL, which was led by Eddie Lampert, had acquired a stake in Sears following... View Details

Keywords: Bankruptcy; Reorganization; Bonds; Restructuring; Business Divisions; Transformation; Fairness; Borrowing and Debt; Credit; Insolvency and Bankruptcy; Corporate Governance; Motivation and Incentives; Retail Industry; United States