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45 Facts About Sears
Sears announced in 2021 that it would be selling its Hoffman Estates headquarters complex.
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Richard Warren Sears was born in 1863 in Stewartville, Minnesota to a wealthy family which moved to nearby Spring Valley.
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Sears moved across the state to work as a railroad station agent in North Redwood, then Minneapolis.
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Sears purchased them and sold them at a low price to the station agents, making a profit.
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In 1889, Sears sold his business for $100, 000 and relocated to Iowa, planning to be a rural banker.
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Sears built an opposite business model by offering in their catalogs a larger selection of products at published prices.
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Sears traded under the ticker symbol S and was a component of the Dow Jones Industrial Average from 1924 to 1999.
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In 1906, Sears opened its catalog plant and the Sears Merchandise Building Tower in Chicago's West Side.
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The complex served as corporate headquarters until 1973 when the Sears Tower was completed and served as the base of the mail-order catalog business until 1995.
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Sears resigned from the presidency in 1908 due to declining health, with Rosenwald named president and chairman of the board and taking on full control.
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Sears was a pioneer in creating department stores that catered to men and women.
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Sears opened its first store in Mexico City in 1947; the Mexican stores would later spin off into Sears Mexico, which in 2020 operated more than 75 stores across Mexico.
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Sears purchased David Bradley to manufacture farm and lawn equipment.
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Sears moved to the new Prairie Stone Business Park in Hoffman Estates, Illinois, between 1993 and 1995.
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The Sears Centre is a 10, 001-seat multi-purpose arena located in Hoffman Estates adjacent to the Prairie Stone campus.
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Sears catalog became known in the industry as "the Consumers' Bible".
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Sears spun off its financial services arm, which included brokerage business Dean Witter Reynolds and Discover Card.
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Sears later acquired hardware chain Orchard Supply Hardware in 1996 and started home improvement store The Great Indoors in 1997.
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In 1998, Sears announced it had sold the remnants of Western Auto to Roanoke-based Advance Auto Parts.
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Sears Holdings continued to produce specialty catalogs and reintroduced a smaller version of the Holiday Wish Book in 2007.
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In 2003, Sears sold its U S retail credit card operation to Citibank.
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Sears declined from more than 3, 500 physical stores to 695 US stores from 2010 to 2017.
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Sears spent much of 2014 and 2015 selling off portions of its balance sheet; namely, Lands' End and its stake in Sears Canada, one of the biggest e-commerce players in Canada, with Can$505 million in sales in 2015—more than Walmart and others who had begun pushing aggressively into online sales, such as Canadian Tire.
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Sears stated that the company was looking to focus on becoming a more tech-driven retailer.
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Sears Holdings had lost a total of US$7 billion in the four years to 2015.
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Sears believed the membership scheme would enhance repeat business and customer loyalty in the long term.
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In May 2018, Sears announced it had formed a "special committee" to explore the sale of Kenmore.
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Sears Holdings filed for Chapter 11 bankruptcy on October 15, 2018, ahead of a $134 million debt payment due that day.
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On November 23, 2018, Sears Holdings released a list of 505 stores, including 266 Sears stores, that were for sale in the bankruptcy process, while all others would hold liquidation sales.
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On January 16, 2019, Sears Holdings announced it would remain open after Lampert won a bankruptcy auction for the company with an offer to keep about 400 stores open.
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In September 2021, Sears announced that it would close more stores, including the last Sears store in New York City.
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The New York City Sears closed by November 24, 2021, and will potentially be redeveloped.
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On January 19, 2022, Sears shuttered the remaining 15 Sears Auto Centers in the United States.
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Sears claimed the new base wage, often constituting a substantial cut in pay, was done "to be successful in this highly competitive environment".
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In early October 2007, Sears cut commission rates for employees in some departments to between 0.
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In March 2019, Sears claimed that it was ending life insurance benefits for an undisclosed number of its 90, 000 retirees.
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