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Sears Roebuck And Co

March 16, 1993 | From Times Staff and Wire Reports
S&P Cuts Sears' Debt Ratings: Standard & Poor's Corp. lowered its ratings on $17 billion worth of Sears, Roebuck and Co. securities, citing doubts about the retailer's revitalization plan. The credit rating firm lowered its senior debt and preferred stock ratings on Sears, Roebuck and Co. and its senior debt ratings for Sears Overseas Finance and Discover Credit Corp. to triple B plus from single A.
November 28, 2007 | From Times Wire Services
Restoration Hardware Inc., a Corte Madera, Calif.-based home-furnishings chain, said it might consider Sears Holdings Corp.'s $269-million takeover bid and provide confidential financial data if Sears agreed not to start a tender offer for its shares. Sears has so far refused to sign an agreement precluding that from happening, Restoration Hardware said. Sears' revised bid of $6.75 a share is a "vast improvement" over its previous offer of $4, Restoration Hardware said.
November 17, 2006 | From the Associated Press
Sears Holdings Corp. said Thursday that it more than tripled its third-quarter profit on a big investment gain and the benefits of cost-cutting, but sales at its Kmart and Sears stores spiraled ever lower and the results disappointed Wall Street. The latest evidence of spending cutbacks and fewer customers comes amid widespread speculation that Chairman Edward Lampert, the hedge fund operator who acquired Kmart Corp. in 2003 and Sears, Roebuck & Co.
June 6, 1992
Sears, Roebuck and Co. has announced plans to reopen and expand its Hollywood retail store this summer. The store, at 5601 Santa Monica Blvd., suffered extensive damage and has been closed since the riots. "If everything goes as planned, we should reopen sometime in August," said Ed Cameron, district manager for Sears in Los Angeles. Cameron added that the size of the store will be increased by 15% in the men's, women's and children's apparel departments.
November 18, 1987 | BRUCE HOROVITZ, Times Staff Writer
J. Walter Thompson, the struggling advertising firm that has spent two years trying to build an image for Sears' Discover Card, lost the $35-million account on Tuesday, putting a damper on the ad agency's attempts to rebuild its own muddied image. The ad agency's loss comes at a time when the Discover credit card is also facing image problems--and financial losses.
Sears, Roebuck & Co. is expected to announce today that it will reimburse unhappy customers under a settlement of charges that it systematically ripped off consumers at its 70 auto repair centers in California, The Times has learned. The agreement is expected to allow Sears to remain in the auto repair business in California, where it is the largest single operator of repair shops.
August 22, 1989 | From Associated Press
An industry watchdog group said Monday that it found no grounds for substantiating Montgomery Ward & Co.'s contention that Sears, Roebuck and Co.'s "Everyday Low Pricing" ad campaign is misleading. Ward complained to the Better Business Bureau's National Advertising Division (NAD) that the campaign was misleading and deceptive to consumers. Ward challenged Sears' statement that it had reduced prices on 50,000 items, complaining that Sears treated each size and color variation as a separate unit.
July 23, 1987 | From Reuters
Sears, Roebuck and Co., the nation's largest retailer, said Wednesday its second-quarter earnings rose 37% with all units reporting increases led by Allstate Insurance Group. Chicago-based Sears said quarterly earnings rose to $390.4 million, or $1.03 a share, from $284.9 million or 77 cents a share in the year-ago quarter. Revenues for the second quarter climbed to $11.72 billion from $10.75 billion a year ago. Sear's second-quarter earnings included after-tax realized capital gains of $71.
June 20, 2006 | From Bloomberg News
Two former executives of a defunct Santa Monica ad-placement company were convicted of stealing $31 million that Sears, Roebuck & Co. paid for radio and television advertising. Thomas Edward Rubin, 58, and Thomas Patrick Sullivan, 64, were convicted in federal court in Los Angeles of mail and wire fraud and conspiracy to commit fraud and bankruptcy fraud, Assistant U.S. Atty. Ranee Katzenstein said. The maximum penalty for one count of mail or wire fraud is 20 years in prison, she said.
March 16, 2006 | From Associated Press
Sears Holdings Corp. overcame a steep sales drop-off at its namesake department stores to more than double its fiscal fourth-quarter profit, saying Wednesday that it benefited from continued cost cutting and the addition of Sears' results to Kmart's. Net income for the quarter ended Jan. 28 was $648 million, or $4.03 a share, up from $309 million, or $3.09, a year earlier. That easily exceeded the consensus estimate of analysts surveyed by Thomson Financial, who had pegged earnings at $3.
October 20, 2005 | From Associated Press
RETAIL Edward Lampert, the billionaire chairman of Sears Holdings Corp., isn't going to be chief marketer and merchandiser of the nation's No. 3 retailer after all. Sears Holdings Corp. named new executives in charge of marketing and customer strategy for its Sears Roebuck and Kmart stores and Lands' End clothing business and said its chief merchant, Luis Padilla, is leaving the company for reasons that weren't disclosed.
March 16, 2005 | From Associated Press
Sears, Roebuck & Co. may be working on one last big sale before its merger with Kmart: a sale of Lands' End. According to a report by Women's Wear Daily, a retail trade publication, Sears has put the casual clothing manufacturer up for sale for $1.2 billion. That's $700 million less than it paid three years ago for the Dodgeville, Wis.-based unit, which sells apparel through catalogs, about 30 retail and outlet locations and Sears department stores.
March 11, 2005 | From Bloomberg News
Kmart Holding Corp., the retailer that is buying Sears, Roebuck & Co., will convert about 400 stores, more than a quarter of its total, to the Sears name to try to revive sluggish sales. Kmart will remake stores in more affluent areas to take advantage of the Sears brand, which draws higher-income shoppers.
February 9, 2005 | From Associated Press
Sears, Roebuck & Co. disclosed plans Tuesday to switch dozens of recently acquired Kmart stores to a new mid-size store format called Sears Essentials, providing more detail of what the combined Kmart-Sears retail behemoth would look like. Evidently devised with discount giants Wal-Mart Stores Inc. and Target Corp. in mind, the concept will combine select Sears products such as appliances and clothing with convenience items such as health and beauty products.
Sears, Roebuck and Co. said Tuesday that it will cut nearly 7,000 full- and part-time jobs over the next three months as the result of its purchase of a new $60-million computerized cash register system designed to reduce paperwork and streamline its merchandising operations. About 28,000 electronic cash registers and another 6,000 computerized customer-service kiosks will be installed in Sears' 868 retail stores throughout the country.
January 28, 2005 | From Associated Press
Sears, Roebuck & Co. is limping into its proposed merger with Kmart. The department-store giant reported an 86% drop in fourth-quarter earnings Thursday after shedding its profitable credit card unit a year earlier, its results now solely dependent on sagging retail sales. The $378-million quarterly profit, which outpaced Wall Street's estimates as a result of reduced costs, ended a year of lower sales that Chief Executive Alan Lacy acknowledged was another "disappointing financial performance."
November 18, 2004 | Leslie Earnest and James F. Peltz, Times Staff Writers
The owner of the Kmart chain, which came out of bankruptcy protection just 18 months ago, is buying Sears, Roebuck & Co. in an $11.5-billion deal that would create the nation's third-largest retail operation. Under terms of the deal announced Wednesday, the combined company would be headed by Kmart Chairman Edward Lampert, a 42-year-old billionaire who also is Sears' largest single shareholder. The boards of both companies have given the marriage their blessing.
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