Sears: The Rise And Fall Of The Massive U.S. Retailer | CNBC
What Happened to Sears? Sears History and Bankruptcy
The fall of Sears
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Sears, Roebuck and Company, colloquially known as Sears, is an American chain of department stores founded by Richard Warren Sears and Alvah Curtis Roebuck in 1892, reincorporated by Richard Sears and new partner Julius Rosenwald in 1906. Formerly based at the Sears Tower in Chicago and currently headquartered in Hoffman Estates, Illinois, the operation began as a mail ordering catalog company and began opening retail locations in 1925. The first location was in Evansville, Indiana. In 2005, the company was bought by the management of the American big box chain Kmart, which formed Sears Holdings upon completion of the merger. In terms of domestic revenue, Sears was the largest retailer in the United States until October 1989, when Walmart surpassed it. As of 2017, Sears is the 23rd largest retailer in the United States. Sears had divisions in Canada, Mexico and Puerto Rico. However, Sears Canada folded in January 2018, and Sears Mexico and Sears Puerto Rico were sold off. Several other subsidiaries within its brand have also been sold off in recent years.