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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]
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]
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 takeover. He accepted to sell his stake at $30 a share on April 23, 2010.
The once-dominant American retailer hopes to reemerge with some part of its business intact.
When Sears sent him a new credit card in the mail recently, he said, "I just cut it up. Sears put a lot of small retailers out of business one-hundred-plus years ago, now they are committing suicide."
To the casual shopper, Sears, one of America’s oldest retailers, may appear to be on life support. The department store chain that once reinvented how Americans shopped now barely has a brick ...
Sears CEO Eddie Lampert has blamed the company's decline on the media, shifts in consumer spending, and the rise of e-commerce, among other reasons. Sears has filed for Chapter 11 bankruptcy Skip ...
A Sears brand-awareness survey determined that by 1973, the Toughskins had become better known by mothers than the Levis brand, already a century old at that time. [1] Toughskins had reinforced knees for longer wear. They came in slim, regular, and husky sizes and were a blend of Dacron Type 59 polyester, DuPont 420 nylon, and cotton.