April 7, 1999 |
Sears, Roebuck & Co., the largest U.S. department store company, agreed to pay $985,000 to settle allegations by the Florida attorney general that it sold used auto batteries from Exide Corp. as new. Sears, without admitting wrongdoing, also agreed to add five months to the free-replacement warranties it offers on Exide batteries it sold before April 1. Sears, based in Hoffman Estates, Ill., said it settled to avoid the time and expense of litigation.
March 17, 1999 |
Sears, Roebuck & Co. said Jane Thompson, president of Sears Direct, its catalog and Internet sales business, is leaving as the nation's No. 2 retailer combines several units. Sears tapped Thompson, 47, in June to head Sears Direct, after she served as president of the company's home services unit. Sears will combine the specialty catalog operations with its marketing unit, while the online operations will become a part of the home services unit.
February 10, 1999 |
Sears, Roebuck & Co. agreed to plead guilty to fraud and pay a $60-million fine for illegally pursuing debts from credit card customers who had filed for bankruptcy, the retailer said. Under a deal with the federal government, Sears' Bankruptcy Recovery Management Services unit will admit guilt to one count of bankruptcy fraud. Hoffman Estates, Ill.
CALIFORNIA | LOCAL
January 19, 1999
Sears Roebuck & Co. has leased 15,000 square feet of office space in the Pacific Business Center in Chatsworth for its 90-member regional sales center staff. Scott Caswell of Delphi Business Properties, representing the landlord, Northeast Valley Industrial Park, said Class A construction, major street visibility and fiber optics were key to brokering the $1.6-million lease.
December 3, 1998 |
Sears, Roebuck & Co. said Wednesday that its sales fell sharply in November and warned that its profit won't meet expectations this year, pushing its shares down 3.5%. The largest U.S. department store operator said sales at stores open at least a year, an industry measure of performance, tumbled 3.6% in November, the third consecutive monthly decline. Sears had expected an increase of 3%. For the same period a year ago, sales declined 0.6%.
August 18, 1998 |
Sears, Roebuck & Co. agreed to sell its Western Auto Supply car-parts chain to Advance Auto Parts for $175 million and a 40% stake in the closely held retailer. Advance, based in Roanoke, Va., operates 915 stores in 17 states. It had fiscal 1997 sales of $848.1 million. The purchase will put Advance, which operates in the Southeast, in markets in the Northeast, Midwest and Southwest. Western Auto, based in Hoffman Estates, Ill.
July 4, 1998 |
Sears Roebuck & Co., the nation's No. 2 retailer, said it hired investment banker Salomon Smith Barney to explore options for its HomeLife furniture stores, including a sale. HomeLife, which operates 126 free-standing stores, is the nation's third-largest furniture chain, with sales of about $650 million, according to Furniture Today trade magazine. Sears has said it would consider different options for the furniture chain if its business didn't turn around.
May 14, 1998 |
A federal jury in New Hampshire has awarded a woman $1 million in a sex discrimination lawsuit against Sears, Roebuck & Co. Jeanie Boisvert worked as a greeter and dispatcher at the Sears Auto Center in Manchester, N.H., for 14 years before she was laid off in February 1993 during a reorganization of the retailer's auto departments. Boisvert's lawyer, Michael McGrath, said she was supposed to have been considered for rehiring, but discovered in 1994 she would not be.
January 16, 1998 |
Sears, Roebuck & Co. customers fell further behind on credit card payments in the fourth quarter, raising concerns the retailer's earnings may be lower than expected. Hoffman Estates, Ill.-based Sears wrote off 9.23% of $9.6 billion in credit card charges in December, up from 7.61% in August and significantly above the 6.66% industry average, said Amber Eastman, a credit card analyst at Fitch IBCA Inc.