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Sears, Roebuck and Co., commonly known as Sears (/ s ɪər z / SEERZ), [6] is an American chain of department stores founded in 1892 by Richard Warren Sears and Alvah Curtis Roebuck and reincorporated in 1906 by Richard Sears and Julius Rosenwald, with what began as a mail-order catalog company migrating to opening retail locations in 1925, the first in Chicago. [7]
The once-dominant American retailer hopes to reemerge with some part of its business intact.
For example, Sears Holdings had more than 3,500 stores and 355,000 employees in 2006. [15] By the end of 2016, Sears operated 1,430 stores. [16] In October 2018, Sears filed for bankruptcy and announced it would close an additional 142 of its 687 stores. [17] At the time of filing, Sears had 68,000 employees. [17]
Sears Holdings owned 51 percent of Sears Canada, [12] a large department store chain in Canada similar to the U.S. stores. At one point it owned as much as 92% of the Canadian company, [13] but it failed in 2006 to buy the remainder of Sears Canada that it did not own because Bill Ackman took a 17.3 percent stake in it and prevented any ...
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The retailer exited bankruptcy with 223 Sears and 202 Kmart stores nationwide. But four years later, most of those stores have closed. Sears shoppers I spoke with shared the store employees ...
Even suppliers have been pulling out of one retail chain's stores, as analysts predict the company could declare bankruptcy as soon as next month. Sears is on the brink of catastrophe as stores ...
However, Sears had trouble securing name brand merchandise consistent with the image of the new chain. This was mainly because of Eaton's bankruptcy. It was also because of doubt in Sears' ability to manage an upper-end chain, since until recently their merchandise was of lower price and quality compared to the old Eaton's and The Bay.