Word: roebuck
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Returning to its retailing roots, Sears, Roebuck announced it would spin off its $9 billion stake in Allstate, the nation's second largest insurer of homes and autos...
...when suspicions were raised as early ! as 1990, after employees at U.W.A. headquarters in Alexandria began gossiping about the trips Aramony would take with Villasor. Anonymous letters on U.W.A. stationery reached members of the charity's executive committee, a group led by Edward Brennan, chairman of Sears, Roebuck & Co. By 1991 inquiries by the Washington Post may have prompted the U.W.A. board to deepen its investigation and to discover how Aramony's personal expenses were passed off as company expenditures...
Despite being well cushioned, large insurers are also coming under scrutiny. Moody's Investors Service, a top Wall Street investment-rating agency, last week lowered the credit rating of Sears, Roebuck because of losses at its Allstate Insurance unit. The action took place just before Sears announced its decision to sell off 20% of the big insurance company in a spin-off of the retailer's financial units. Prudential Insurance, which injected $900 million in capital into its property-casualty division after it was hit with $1.2 billion in Andrew-related claims, was placed on review by both Moody...
...LOOKING TO BUY A CRAFTSMAN POWER DRILL? While you're at it, why not bring home a mortgage and a couple of shares of AT&T? As unlikely a shopping trip as that might seem, it was the scenario on which Sears, Roebuck & Co. built its 1980s growth strategy to turn the nation's prototype "Big Store" into one of the largest retail companies on earth. A decade later, the retailer's executives at the landmark Sears Tower corporate headquarters in downtown Chicago have admitted defeat. In one of the most painful setbacks in its 106- year history, Sears announced...
Generations of Americans, it once seemed, could count not only on death and taxes but also on Sears, Roebuck & Co. Faith in the department-store chain was shaken in June when the California attorney general accused Sears auto-repair centers of performing second-rate or unnecessary work. Sears soon faced 19 class-action suits and the possibility that all of its 72 auto shops in California would be closed. But last week the legendary retailer announced a $15 million settlement, including refunds of $50 and up to auto customers who had counted themselves among Sears' suckers...