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Retailing

November 08, 1994|From Times Staff and Wire Reports

Sears Gives Up Ownership of Sears Tower: Sears, Roebuck & Co. said it will sell its Sears Tower in Chicago, the world's tallest building, in a restructuring of the building's financing. The agreement to transfer ownership to a pension fund partnership managed by Boston-based Aldrich, Eastman & Waltch will reduce Sears' debt by $850 million, Sears said. Chicago-based Sears will record a $195-million gain, after taxes, in the fourth quarter as a result of the transaction.

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