Word: roebuckers
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Wall street blessed the marriage of tools and turtlenecks last week when Sears, Roebuck & Co. announced it will buy preppie-apparel maker Lands' End for $1.9 billion in cash. Both stocks moved up on the news--a rarity at a time when investors are justifiably wary of big mergers. Executives of the two companies emphasized that Sears, now strongest in products like auto batteries and wrench sets, will get a chance to revive its tired apparel department while Lands' End, which has thrived as a catalog and online merchant, will get to hang its wares in 870 Sears stores across...
...cable lines, modems and complicated wiring," she says. That's partly, she adds, because most people don't yet know what wired homes are about or what the technology can do. Cisco is tackling that problem, joining hands with such multinational titans as 3Com, General Motors, Panasonic, Sears, Roebuck & Co. and Sun Microsystems to set up something called the Internet Home Alliance. The task: to sell the world on the benefits of the Internet lifestyle. Kristine Stewart, Cisco's director of market development, says the IHA will "spend a lot to develop this market." Consider yourself warned...
...sales have already taken a job toll. At Southern University, a traditionally black school in Baton Rouge, La., retailers J.C. Penney and Mervyn's have cut their interviews by two-thirds. "The options for students are becoming more limited," says Kris Tiefenthaler, the director for college relations at Sears Roebuck. But retailers have high churn rates, so Sears--which recently announced store closings and layoffs--is sticking to plans to hire 200 new grads this year...
...phalanx of the nation's largest retailers--Wal-Mart, Sears, Roebuck & Co., and the Limited among them--are suing Visa and MasterCard, saying they too were overcharged. The merchants will argue before a federal judge in Brooklyn that they are forced to accept and pay an artificially high fee on debit-card sales. They hope to wring $8.1 billion from the defendants in this class action--a number that would triple, if they win, under federal antitrust...
Applied to the world of calculators, that's something of a curiosity. But applied to everyday retail, it's a revolution. The idea of fixed prices is only about 100 years old. Before then nearly everything was negotiable. The last great retail revolution was mail order, led by Sears, Roebuck in the 1890s, and it solidified the idea of fixed prices, since buyer and seller were often separated by hundreds of miles of rail track. In the Internet age even buyers and sellers separated by 10,000 miles of fiber-optic cable are closer than those prairie purchasers were...