November 1, 1988 |
Mindful of the current surge of corporate takeovers, Sears, Roebuck & Co. announced plans on Monday to sell its towering Chicago headquarters building, boost its stock price and put some zip back into its stores. As part of a corporate revamping, the world's largest retailer said it intends to buy back about 10% of its shares and sell businesses that do not directly serve consumers.
October 2, 1988 |
For almost 10 years Barry Edwards has been reporting the Windy City's traffic conditions twice a day from the 103rd floor of Sears Tower, the world's tallest building. Edwards, 43, who does early morning and late-afternoon traffic reports for radio station WBBM, occupies a small broadcast studio on the north side of the Sears Tower Skydeck. From a studio on the south side, Bonnie Deshong, 36, delivers traffic reports for radio station WGCI.
October 30, 2001 |
Former President Bush helped reopen the observation deck of the nation's tallest building, calling the move a message that "the terrorists have failed." The deck at the 110-story Sears Tower in Chicago had been closed since Sept. 11. Now that it has reopened, visitors must pass through metal detectors and have their bags checked by X-ray machines. "By reopening this symbol of strength and vitality in America's heartland, you're sending a clear message that the terrorists have failed," Bush said.
November 8, 1994 |
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.
November 8, 1994 |
The world's tallest building is getting a new owner. Sears, Roebuck & Co. said Monday it will transfer ownership of the 110-story Sears Tower through a trust to a pension fund partnership managed by Boston-based Aldrich, Eastman & Waltch, which currently holds a mortgage on the landmark. The deal will reduce Sears' debt by $850 million and resolve a financial dilemma caused by a drop in commercial property values since Sears remortgaged the tower nearly five years ago.
November 3, 1989 |
Sears, Roebuck & Co. is considering refinancing rather than selling its landmark Sears Tower in Chicago, with a deal expected to be reached by year-end, real estate sources said Thursday. A Boston pension fund adviser, Aldrich, Eastman & Waltch, has emerged as a leading candidate to refinance the property, probably for about $850 million. The firm manages more than $4.3 billion in pension fund assets for large corporate clients, including Sears.