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BUSINESS
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.
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BUSINESS
August 18, 2009 | Andrea Chang
With only 129 shopping days left until Christmas, the Sears and Kmart chains are trying to entice customers to start saving for the holidays early with a Christmas Club card program. Shoppers who join the program can add money on a regular basis to their cards and receive a 3% reward, up to a $100 value, based on the value of the balance Nov. 14. The card is free, available in stores and online and must be activated by Oct. 31 to be eligible for the 3% reward. Shoppers will need a minimum balance of $5 to use their cards.
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BUSINESS
January 15, 2008 | From Reuters
Sears Holdings Corp. said Monday that sales at stores open at least a year fell 3.5% in the holiday period and warned that fiscal fourth-quarter profit could be less than half that of a year earlier, sending its shares down 5%. The retailer run by hedge fund manager Edward Lampert blamed the weak holiday sales on increased competition, the crumbling U.S. housing market and the credit crunch -- problems it had flagged in November. The company's shares fell $4.79 to $91.38.
CALIFORNIA | LOCAL
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.
BUSINESS
May 19, 2003 | From Reuters
At least six bids are expected this week for Sears, Roebuck and Co.'s credit card business and there is enough interest for the largest U.S. department store chain to sell the entire operation to one buyer, people close to the deal said Sunday. Sears considered keeping its own branded card and selling just its MasterCard accounts, but with expressions of interest from the likes of General Electric Co. and Citigroup Inc., the sources said they thought the whole unit would be acquired.
BUSINESS
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.
BUSINESS
September 2, 1992 | DENISE GELLENE, TIMES STAFF WRITER
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.
BUSINESS
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.
BUSINESS
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.
BUSINESS
October 3, 2007 | From the Associated Press
For decades, the Sears Wish Book was a holiday treat, scrupulously studied, and dog-eared by generations of children hoping for the best Christmas morning. Now, 14 years after the retailer shelved the venerable catalog, Sears is reviving the storied holiday tradition as it struggles to attract new shoppers and revive business. "We all get lots of gifts, but wishes are a special thing," Chief Marketing Officer Richard Gerstein said.
BUSINESS
July 11, 2007 | From Reuters
Sears Holdings Corp. forecast lower quarterly profit Tuesday and said it needed to better control its costs and stock more items that its shoppers demand, sending shares down 10%. The company, which runs the Sears and Kmart chains, also said its board had approved the repurchase of as much as an additional $1 billion of common stock. Under the control of hedge fund manager Edward Lampert, Sears has been seen as much as a financial stock as a retail stock.
HOME & GARDEN
June 7, 2007 | Robin Rauzi, Times Staff Writer
THERE is a breed of stealth catalog that slips into the house camouflaged against Restoration Hardware or Pottery Barn. Close examination reveals that the slick, full-color pages do not feature $1,299 beds and $1,599 dining tables, but something decidedly of the Target-Home Depot vein. Simply Indoors does that. It might be Page 14 or 18 of the Spring 2007 edition before a browser is stopped short. ("Is that not a duvet The catalog represents the stylish side of Sears, such as it is.
BUSINESS
April 16, 2007 | Deborah Hastings, The Associated Press
She speaks with the fervor of a woman possessed. In the cadence of a grange hall auctioneer, Laurie Flori jabs a finger at each house on her street, every one ordered from Sears, Roebuck & Co. "That's a Carlin," she says. "That's a Whitehall. That's a Warrenton. That's a Lebanon." Starting nearly a century ago, these stately names were bestowed upon a modest line of homes that could be purchased by mail.
BUSINESS
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.
BUSINESS
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.
BUSINESS
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.
BUSINESS
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.
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