Sears Holdings Corp. is a leading integrated retailer operating through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation. Sears was founded in 1886 by station agent and watch salesman Richard Sears. Sears Holdings Corp. was created in 2005 with the merger of Kmart and Sears.
The company launched its new Sears Essentials format later in 2005, converting some Kmart locations to better compete with retailers Walmart and Target. In 2013, investor and founder of ESL Investments Eddie Lampert became Sears Holdings’ CEO. The company introduced its real estate strategy in 2015, spinning off over 200 of its retail locations into a new REIT.
Due to declining sales, Eddie Lampert commited funds from his hedge fund in an attempt to buoy the company in 2017; 150 locations were closed, and the Craftsman brand sold to Stanley Black & Decker.
Lampert stepped down as CEO in 2018 but remains the company’s Chairman. After continued poor returns and store closures, Lampert won a bid during an auction to save the company from bankruptcy in early 2019. As a result of the deal, 425 locations, including 202 Kmart stores and 223 Sears stores, will remain operating.
- Family name: Lampert family
- Sector: Consumer Products & Retail
- Founded: 1886
- Founder: Richard Sears
- Country: United States
- Company headquarters: Illinois, USA
- Managers: Edward S. Lampert
- Revenue: US$31.2 billion
- Rankings: 172 [Fortune 500]
- Family ownership: 50%
- Employees: 89,000
- Website: https://searsholdings.com
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