2013 Sears Bankruptcy

sears bankruptcy

Corporate history

A Sears store at Chinook Centre in Calgary, Alberta

Simpsons-Sears

Sears Canada began its operations as Simpsons-Sears Limited, a catalogue and mid-market suburban retailer, in 1952. The company was formed as a joint-venture between the Robert Simpson Company (Simpson’s), an existing Canadian department store retailer, and Sears, Roebuck and Co. of the United States. The purpose of the joint-venture was to take over the existing Simpson’s catalogue operations, and to build new stores in markets that were not already served by existing Simpson’s stores, leveraging Sears-Roebuck’s strong buying power and organization.

Simpson-Sears Corporate Logo circa 1953

In 1971, the company opened its new head office building in downtown Toronto.

In 1973-1974, Simpsons-Sears opened its first stores in metropolitan areas already served by Simpson’s (although in suburban areas well away from the downtown Simpson’s stores), the first such being in Mississauga, Ontario. So, to avoid confusing customers, these new stores were opened under the Sears banner. All existing Simpsons-Sears stores were rebranded to the Sears banner as well. However the name of the entity remained Simpsons-Sears.

In 1976, Simpsons-Sears inaugurated a Sears store at Galeries d’Anjou, its first location in a mall with a Simpsons store.

Hudson’s Bay acquisition of Simpsons

The Hudson’s Bay Company acquired Simpsons in 1978. Because of federal competition laws, the Hudson’s Bay Company was required to divest itself of its interest in Simpsons-Sears, which had been held by Simpsons, and the chain was formally renamed Sears Canada Inc.

in 1984. The Hudson’s Bay Company eventually merged the remaining Simpsons stores into its the Bay division in 1991, and the Simpsons name has disappeared from Canada’s retail landscape. As a result of this move, Sears Canada took over eight former Simpsons and Bay stores and finally gained a major foothold in Toronto.

Sears Whole Home and Sears.ca

A Sears Home location in Moncton, New Brunswick

Interior of Pacific Centre store, a former “eatons” location.

In 1995, Sears Canada opened Sears Whole Home furniture stores located in power centres, and renamed them Sears Furniture and Appliances stores in 1999, to reflect the addition of major appliances. In 2003, Sears Canada again renamed their Furniture and Appliances store to Sears Home stores. This change was intended to reflect their broader appeal for customers seeking a one stop experience for re-making their home decor. The stores’ product line was expanded to include Home Installed Products and Services such as floor coverings, customer drapery, and other installed home related products in many locations. Today, these specialty stores are named “Sears Home”.

In 1998, Sears Canada’s website, www.sears.ca became an active channel, allowing customers to order from a selection of over 500 products. By 2001, the website became Canada’s most popular retail internet destination with over a million orders placed that year.[citation needed]

Eatons

In 1999, Sears Canada acquired The T. Eaton Company Limited. With this acquisition, Sears Canada acquired some of the assets and the trademark name of the bankrupt chain. For the first time in its history, Sears Canada held the leases to a number of prime downtown locations in Toronto (Eaton Centre and Yorkdale Mall), Vancouver (Pacific Centre), Victoria, Winnipeg, Ottawa, and Calgary (all former Eaton’s stores). Sears had intended to obtain the former Eaton downtown Montreal store but lost out to the incumbent Les Ailes de la Mode.

Sears relaunched eatons (with the lowercase “e” logo) in November 2000 as a seven-store upscale mini-brand, with locations in Vancouver, Victoria, Calgary, Winnipeg, Toronto (2 locations) and Ottawa. This operation was unsuccessful, however, and Sears converted the eatons stores to the Sears brand in 2002. Many said that the eatons stores were too upscale and/or too thinly scattered across the country for the mini-chain to have ever been profitable and worthwhile[citation needed]. The retail environment has changed with more of the population shopping at big box outlets and/or specialty stores squeezing out the middle market which is the base of the traditional department store.

New President and Sears Card

In August 26, 2004, Sears Canada Chairman and CEO Mark A. Cohen’s contract was terminated and was replaced by Brent Hollister. Cohen was formerly President of Softlines and Chief Marketing Officer of the US parent Sears.

In 2005, Sears Card financial services was outsourced to JPMorgan Chase Bank, N.A. with Sears receiving $ 3 billion CDN for the sale, while Sears Club points system was retained by the retailer. Sears also paid a special dividend upon the completion of the transaction. CEO Brent Hollister said that the move would allow Sears to refocus on its retail operations; as the chain had been lately relied heavily on its financial services division.

Privatization

In January 2006, Sears Holdings Inc, the parent company and majority shareholder of Sears Canada Inc. made a bid to purchase the remaining shares to take the company private. Some members of the board opposed the move.

Pertaining to the attempt of privatization on behalf of its parent company, Sears Holdings Limited; a recent ruling by the Ontario Securities Commission, made in August 2006, has stalled progress on this front. While the ruling does not dispel the future possibility of the privatization of Sears Canada, it does pose a significant obstacle by ruling three major shareholding blocks ineligible to vote as the blocs were given extraordinary privileges by Sears Holdings Limited.

On November 14, 2006 Sears Holdings’ move to privatize Sears Canada at a bid of $ 17.97/share fell through by voting amongst the minority shareholder groups. Currently Sears Holdings owns more than 70% of the total shares of Sears Canada Inc.

See also

List of Canadian department stores

Sears Holdings Corporation

Sears, Roebuck and Company

Sears Roebuck (Mexico)

References

^ “Company Profile for Sears Canada Inc (CA;SCC)”. http://zenobank.com/index.php?symbol=CA;SCC&page=quotesearch. Retrieved 2008-10-09. 

^ “About Sears” – Sears Canada website

^ “Sears Canada pourrait-elle tre bientt vendue?”. Canoe. http://argent.canoe.com/lca/infos/canada/archives/2009/04/20090407-165033.html. Retrieved 2013-04-13. 

^ A National Institution: The Eaton’s Chronology The Globe and Mail. February 19, 2002 (table reprinted by Western Libraries)

^ “OSC stalls Sears buyout”. CBC News. 2006-08-08. http://www.cbc.ca/story/business/national/2006/08/08/sears-tues.html?ref=rss. Retrieved 2007-01-06. 

^ McFarland, Janet; Strauss, Marina (2006-09-08). “Sears Holdings smacked by OSC ruling”. Globe and Mail Update. http://www.theglobeandmail.com/servlet/story/RTGAM.20060809.wr-sears09/BNStory/Business. Retrieved 2006-01-06. 

^ Shaw, Hollie (2006-11-15). “Shareholders block privatization of Sears Canada”. Financial Post. http://www.canada.com/topics/finance/story.html?id=21fcf299-ef17-451e-9b83-5aa4300bdd47&k=43534. Retrieved 2007-01-06. 

External links

Sears Canada

v d e

Sears Holdings Corporation

Current Management:

W. Bruce Johnson, interim CEO   Edward Lampert, Chairman (major owner)

Founders:

Sebastian S. Kresge  Alvah C. Roebuck  Richard Sears

Retailers:

Kmart  Big Kmart  Super Kmart  Lands’ End  Sears  Sears Grand  Sears Hardware  Sears Appliance Dealer  Sears Outlet  Sears Parts & Repair  The Great Indoors  Orchard Supply Hardware  Sears Canada  Sears Mexico

Brands:

Craftsman  Diehard  Kenmore  Joe Boxer  Martha Stewart Everyday

Annual Revenue: $ 49.124 billion USD (2006)  Employees: 355,000 (2006)   Stock Symbol: NASDAQ SHLD  Website: searsholdings.com

Categories: Companies listed on the Toronto Stock Exchange | Department stores of Canada | S&P/TSX Composite Index | Sears Holdings Corporation | Canadian subsidiaries of foreign companiesHidden categories: Articles containing potentially dated statements from 2013 | All articles containing potentially dated statements | All articles with unsourced statements | Articles with unsourced statements from April 2008 | Articles with unsourced statements from November 2013

sears bankruptcy

There’s rumors that Sears may file for bankruptcy this year and go out of business. But since Sears has 400,000 employees nation wide, do you think the government would actually let that happen? And yes, I know other retail chains have recently gone out of business. But they’re all relatively small compared to the number of employees Sears has. Circuit City by comparison has only 30,000 employees. So do you think Sears could actually go out of business or will the government step in and try to prevent that from happening?

Answer by The B
Sears has a few different organizations under it (such as K-Mart) that might be broken up and sold to other companies instead of completely going bankrupt. That said, the outlook for Sears (steep drops in sales) and K-Mart (struggling greatly compared to competitors) are both very bad right now so it may very well file for banruptcy in 2013.

Unless the government decides to change course, I don’t see them bailing Sears out. The rational for the bank bailout was a complete national economic collapse and money crisis, and the auto-bailout was to protect all of the American car industry from going under. Although it would be very bad, the collapse of Sears would not affect the U.S. in the same way as that, and a bailout for them would also open the floodgates to have to bail out the other retailers that are struggling (which is almost all of them right now).

Just my guess is that 50/50 chance Sears/K-Mart is completely gone by the end of ’09 and there will be no bailout for them.

sears bankruptcy

Corporate history

A Sears store at Chinook Centre in Calgary, Alberta

Simpsons-Sears

Sears Canada began its operations as Simpsons-Sears Limited, a catalogue and mid-market suburban retailer, in 1952. The company was formed as a joint-venture between the Robert Simpson Company (Simpson’s), an existing Canadian department store retailer, and Sears, Roebuck and Co. of the United States. The purpose of the joint-venture was to take over the existing Simpson’s catalogue operations, and to build new stores in markets that were not already served by existing Simpson’s stores, leveraging Sears-Roebuck’s strong buying power and organization.

Simpson-Sears Corporate Logo circa 1953

In 1971, the company opened its new head office building in downtown Toronto.

In 1973-1974, Simpsons-Sears opened its first stores in metropolitan areas already served by Simpson’s (although in suburban areas well away from the downtown Simpson’s stores), the first such being in Mississauga, Ontario. So, to avoid confusing customers, these new stores were opened under the Sears banner. All existing Simpsons-Sears stores were rebranded to the Sears banner as well. However the name of the entity remained Simpsons-Sears.

In 1976, Simpsons-Sears inaugurated a Sears store at Galeries d’Anjou, its first location in a mall with a Simpsons store.

Hudson’s Bay acquisition of Simpsons

The Hudson’s Bay Company acquired Simpsons in 1978. Because of federal competition laws, the Hudson’s Bay Company was required to divest itself of its interest in Simpsons-Sears, which had been held by Simpsons, and the chain was formally renamed Sears Canada Inc.

in 1984. The Hudson’s Bay Company eventually merged the remaining Simpsons stores into its the Bay division in 1991, and the Simpsons name has disappeared from Canada’s retail landscape. As a result of this move, Sears Canada took over eight former Simpsons and Bay stores and finally gained a major foothold in Toronto.

Sears Whole Home and Sears.ca

A Sears Home location in Moncton, New Brunswick

Interior of Pacific Centre store, a former “eatons” location.

In 1995, Sears Canada opened Sears Whole Home furniture stores located in power centres, and renamed them Sears Furniture and Appliances stores in 1999, to reflect the addition of major appliances. In 2003, Sears Canada again renamed their Furniture and Appliances store to Sears Home stores. This change was intended to reflect their broader appeal for customers seeking a one stop experience for re-making their home decor. The stores’ product line was expanded to include Home Installed Products and Services such as floor coverings, customer drapery, and other installed home related products in many locations. Today, these specialty stores are named “Sears Home”.

In 1998, Sears Canada’s website, www.sears.ca became an active channel, allowing customers to order from a selection of over 500 products. By 2001, the website became Canada’s most popular retail internet destination with over a million orders placed that year.[citation needed]

Eatons

In 1999, Sears Canada acquired The T. Eaton Company Limited. With this acquisition, Sears Canada acquired some of the assets and the trademark name of the bankrupt chain. For the first time in its history, Sears Canada held the leases to a number of prime downtown locations in Toronto (Eaton Centre and Yorkdale Mall), Vancouver (Pacific Centre), Victoria, Winnipeg, Ottawa, and Calgary (all former Eaton’s stores). Sears had intended to obtain the former Eaton downtown Montreal store but lost out to the incumbent Les Ailes de la Mode.

Sears relaunched eatons (with the lowercase “e” logo) in November 2000 as a seven-store upscale mini-brand, with locations in Vancouver, Victoria, Calgary, Winnipeg, Toronto (2 locations) and Ottawa. This operation was unsuccessful, however, and Sears converted the eatons stores to the Sears brand in 2002. Many said that the eatons stores were too upscale and/or too thinly scattered across the country for the mini-chain to have ever been profitable and worthwhile[citation needed]. The retail environment has changed with more of the population shopping at big box outlets and/or specialty stores squeezing out the middle market which is the base of the traditional department store.

New President and Sears Card

In August 26, 2004, Sears Canada Chairman and CEO Mark A. Cohen’s contract was terminated and was replaced by Brent Hollister. Cohen was formerly President of Softlines and Chief Marketing Officer of the US parent Sears.

In 2005, Sears Card financial services was outsourced to JPMorgan Chase Bank, N.A. with Sears receiving $ 3 billion CDN for the sale, while Sears Club points system was retained by the retailer. Sears also paid a special dividend upon the completion of the transaction. CEO Brent Hollister said that the move would allow Sears to refocus on its retail operations; as the chain had been lately relied heavily on its financial services division.

Privatization

In January 2006, Sears Holdings Inc, the parent company and majority shareholder of Sears Canada Inc. made a bid to purchase the remaining shares to take the company private. Some members of the board opposed the move.

Pertaining to the attempt of privatization on behalf of its parent company, Sears Holdings Limited; a recent ruling by the Ontario Securities Commission, made in August 2006, has stalled progress on this front. While the ruling does not dispel the future possibility of the privatization of Sears Canada, it does pose a significant obstacle by ruling three major shareholding blocks ineligible to vote as the blocs were given extraordinary privileges by Sears Holdings Limited.

On November 14, 2006 Sears Holdings’ move to privatize Sears Canada at a bid of $ 17.97/share fell through by voting amongst the minority shareholder groups. Currently Sears Holdings owns more than 70% of the total shares of Sears Canada Inc.

See also

List of Canadian department stores

Sears Holdings Corporation

Sears, Roebuck and Company

Sears Roebuck (Mexico)

References

^ “Company Profile for Sears Canada Inc (CA;SCC)”. http://zenobank.com/index.php?symbol=CA;SCC&page=quotesearch. Retrieved 2008-10-09. 

^ “About Sears” – Sears Canada website

^ “Sears Canada pourrait-elle tre bientt vendue?”. Canoe. http://argent.canoe.com/lca/infos/canada/archives/2009/04/20090407-165033.html. Retrieved 2013-04-13. 

^ A National Institution: The Eaton’s Chronology The Globe and Mail. February 19, 2002 (table reprinted by Western Libraries)

^ “OSC stalls Sears buyout”. CBC News. 2006-08-08. http://www.cbc.ca/story/business/national/2006/08/08/sears-tues.html?ref=rss. Retrieved 2007-01-06. 

^ McFarland, Janet; Strauss, Marina (2006-09-08). “Sears Holdings smacked by OSC ruling”. Globe and Mail Update. http://www.theglobeandmail.com/servlet/story/RTGAM.20060809.wr-sears09/BNStory/Business. Retrieved 2006-01-06. 

^ Shaw, Hollie (2006-11-15). “Shareholders block privatization of Sears Canada”. Financial Post. http://www.canada.com/topics/finance/story.html?id=21fcf299-ef17-451e-9b83-5aa4300bdd47&k=43534. Retrieved 2007-01-06. 

External links

Sears Canada

v d e

Sears Holdings Corporation

Current Management:

W. Bruce Johnson, interim CEO   Edward Lampert, Chairman (major owner)

Founders:

Sebastian S. Kresge  Alvah C. Roebuck  Richard Sears

Retailers:

Kmart  Big Kmart  Super Kmart  Lands’ End  Sears  Sears Grand  Sears Hardware  Sears Appliance Dealer  Sears Outlet  Sears Parts & Repair  The Great Indoors  Orchard Supply Hardware  Sears Canada  Sears Mexico

Brands:

Craftsman  Diehard  Kenmore  Joe Boxer  Martha Stewart Everyday

Annual Revenue: $ 49.124 billion USD (2006)  Employees: 355,000 (2006)   Stock Symbol: NASDAQ SHLD  Website: searsholdings.com

Categories: Companies listed on the Toronto Stock Exchange | Department stores of Canada | S&P/TSX Composite Index | Sears Holdings Corporation | Canadian subsidiaries of foreign companiesHidden categories: Articles containing potentially dated statements from 2013 | All articles containing potentially dated statements | All articles with unsourced statements | Articles with unsourced statements from April 2008 | Articles with unsourced statements from November 2013

Using Sears Vacuum Cleaners

Sears provides a different variety of vacuum cleaners to its users. These kind of cleaners are to ensure that the floorings of the house remain clean and pure. The Sears vacuum cleaners is not limited to the floors alone; it ranges from cleaning the tiles, wood and carpets. The vacuums come with attached parts that assist in its use for cleaning. Sears vacuum cleaners ranges in several brands produced by famous companies, renowned for their cleaning properties. Also, there are several types and models allowing the buyer to choose from a wide range of products.

Features of Sears Vacuum Cleaners

There are several features of Sears vacuum cleaners which makes it one of the best cleaners out in the market. The cleaners come in the upright form which makes them easy and quick to use. The user will find them simple to set up and less room to maneuver for cleaning. The canisters in some of the Sears vacuum cleaners are quiet and this silence makes it good for use in places that require silence. The Sears vacuum cleaner comes with bags and filters that can be adjusted and used for the best kind of cleaning and usage.

Advantages of Sears Vacuum Cleaners

The Sears vacuum cleaners are built to be compact and easy to use. The user friendliness of the cleaner allows for the individual to use it without any trouble. A mere child can handle these machines without any kind of danger. Also, the motor of the vacuum is constructed to ensure that the machine works at a good pace and cleans effectively. The life of the Sears vacuum cleaners is also long, making it a reliable and durable machine.

The design of the fan is for all the dirt to be pulled out of the surface without damaging it. Thus, Sears vacuum cleaners gives a fast and efficient cleaning.

Replacing power chord in Sears Vacuum Cleaners

Appliances can outlive their power cords which wear out and vacuum cleaners are no different. It is essential to change these chords to prevent electrocution or fire. To replace the power cord, all extensions must be removed and the machine unplugged. It is then important to find the location of the power cord and remove it from the motor, replacing it with the new chord. The sears vacuum cleaners machine must then be taped with electric tape and machine shut close

sears bankruptcy

Phoenix, AZ (PRWEB) April 12, 2013

Auction Systems Auctioneers & Appraisers, Inc., will host a Cave Creek Shopaholic auction featuring camping equipment, tools, outdoor equipment, vehicles, furniture, artwork, sporting goods, household items, auto parts, RVs, trailers, canoes, kayaks, and much more on Saturday, April 13, 2013.

Items of interest for this auction include: 1968 Airstream Interna Sovereign, 1976 Chevrolet Corvette, John Deere 650, green utility wagon with removable sides, hitch haul cargo hitch trailer, Ohio Steel utility cart, two John Deer augers, Sears 838 cement mixer, Ultimate 14.5′ kayak with protective cover, Mad River 3 person canoe with protective cover, fiberglass 16′ 3 person canoe, Hobie Mirage Outback single person kayak with a set of Hobie sail, Hobie Mirage Outback SUV kayak, Mantis Compost Twin compost barrel, wood picnic table, Caldera Spas Jacuzzi, plus much more.

Being held in Cave Creek, this auction is bound to attract a lot of interest, said Deb Weidenhamer, CEO of Auction Systems Auctioneers & Appraisers Inc. Cave Creek offers a great location for spending the day, especially at this time of year. And, the Shopaholic auction has a wide range of items for many people.

The Cave Creek Shopaholic auction will be held on Saturday, April 13, 2013 at 8:00 a.m. (MST) at 5041 E. Tanglewood Circle in Cave Creek, Arizona 85331. All of the items listed in the auction may be previewed and inspected by interested bidders on Thursday, April 11, 2013 from 4:00 p.m. to 6:00 p.m., Friday, April 12, 2013 from 10:00 a.m. to 2:00 p.m., and Saturday, April 13, 2013 from 7:00 a.m. to 8:00 a.m. one hour prior to auction. Online bidding began April 6, 2013 and is currently underway. Online bidding will end April 12, 2013 at 11:59 p.m.

Interested parties can visit Auction Systems Arizona auction schedule for more information or to register for online bidding.

About Auction Systems Auctioneers & Appraisers, Inc.

Auction Systems Auctioneers & Appraisers, Inc. is the Southwest’s most active auction and appraisal company. Auction Systems features live and live simulcast auctions and appraisals of stolen and confiscated Police and personal product including cars, tools, electronics, jewelry, sporting, coins and surplus, as well as auctions of commercial and heavy equipment, real estate, antiques, guns, estate and business liquidation and bankruptcy.

Based in Phoenix, Arizona and an INC. 500 company, Auction Systems is one of the fastest growing privately held companies within the United States. Additionally, Auction Systems is an ICIC INC. 100 company and is ranked as the #1 fastest growing woman-owned business and the fifteenth fastest growing business overall within the inner cities of the United States.

Auction Systems Auctioneers & Appraisers, Inc. can be found on the web at http://auctionANDappraise.com.








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