April 13, 2001 |
A sinking stock market and rounds of pink slips scared consumers away from stores in March, retailers said Thursday, making it the slowest month in an already sluggish year. The numbers also triggered a number of sellers to lower first-quarter profit expectations. Sears, Roebuck & Co., Federated Department Stores Inc., teen clothier Pacific Sunwear of California Inc. and even industry giant Wal-Mart Stores Inc. each warned Wall Street that earnings were likely to disappoint.
March 27, 2001 |
Sears, Roebuck & Co. plans to buy 18 former Montgomery Ward department stores and 10 auto centers from the bankrupt retailer. The stores to be purchased include one in Huntington Beach and three in Northern California. Sears plans to convert four of the Ward's locations to Great Indoors stores, Sears' remodeling and decorating retail concept. Fourteen of the former Ward's locations will be converted to Sears stores, with Sears Auto Centers attached to three of those stores.
March 24, 2001 |
Exide Corp. pleaded guilty to fraud conspiracy charges and will pay a $27.5-million fine over five years to end a U.S. criminal investigation into auto battery sales to former customer Sears, Roebuck & Co. The government investigated charges that the company manufactured a defective product that didn't meet the standard for DieHard batteries.
December 19, 2000 |
Sears, Roebuck & Co. has signed a deal that will put one of its new Great Indoors home decorating stores into Empire Center, a 103-acre development proposed by Los Angeles-based Zelman Development Co. on former Lockheed aerospace property at Empire Avenue and the I-5 Freeway in Burbank. Hoffman Estates, Ill.-based Sears reached an agreement with Zelman Retail Partners Inc.
February 29, 2000 |
Three days after a group of major auto makers announced the creation of a massive virtual marketplace to buy and sell auto parts, two of the world's largest retailers, Sears, Roebuck & Co. and Carrefour, are creating their own online exchange to buy up to $80 billion a year in retail products for their stores. GlobalNetXchange, which will be majority owned by Sears and Carrefour, will become the main conduit for the two companies to buy everything from towels to baby powder for their shelves.
January 5, 2000 |
Sears, Roebuck & Co. said Tuesday that its fourth-quarter profit will beat forecasts by about 20%, a sign that Chairman Arthur Martinez's strategy to revive the second-biggest U.S. retailer may work. Shares in Sears rose $1.50 to close at $31.56 on the New York Stock Exchange. Martinez last year cut prices on basic clothing such as T-shirts, brought in new managers, and dumped the old "Softer Side of Sears" campaign to try to pull sales out of a two-year slump.