Sears has filed for Chapter 11 defalcation protection, accedence beneath its massive debt amount and amazing losses. The filing could affect tens of bags of workers. (Oct. 15) AP
The Willis Tower, which opened in 1973 as the Sears Tower. It was the tallest architecture in the U.S. at the time. (Photo: Thinkstock)(Photo: Thinkstock)
Over its about century-long amount as a retailer, Sears has created – and awash off – some absorbing assets, including the Sears Tower, at one point the nation’s tallest building, and casework such as Allstate Insurance and the Discover Card.
Sears, which opened its aboriginal abundance in 1925, filed for Chapter 11 defalcation aegis aboriginal Monday. Here’s a attending at its offshoots through the years:
•Allstate Insurance. Named afterwards an auto annoy awash in the Sears catalog, Allstate began alms auto allowance by mail in 1931. The insurer adopted its “You’re In Good Hands With Allstate” byword in 1950, and eventually broadcast into life, health, personal accountability and commercial insurance, as able-bodied as loans and banking services. In 1993, Sears took 19.8 percent of the aggregation accessible and, two years later, Allstate became a absolutely publicly-owned company.
•Coldwell Banker Real Estate Group. Founded in 1906, Coldwell Banker was acquired by Sears in 1981 as allotment of the retailer’s about-face drive. But aloof added than a decade later, in 1993, Sears awash Caldwell Banker to California advance aggregation The Fremont Group for $230 million.
•Craftsman tools. In 1927, Sears created the Craftsman cast and enlisted added manufacturers to begin making the tools, based on Sears’ designs. Sears awash the cast in January 2017 for about $900 actor to Stanley Black & Decker.
(Photo: Sears Holdings)
•Dean Witter Reynolds. Sears acquired the aggregation for $600 actor in 1981 and created its Sears Banking Network, which provided shoppers admission to Allstate, Coldwell Banker and Dean Witter Banking Brokers at Sears stores. In 1993, Sears awash 20 percent of aggregation in an IPO creating Dean Witter, Discover & Co., and took the blow of the aggregation accessible afterwards that year. Dean Witter & Discover alloyed with Morgan Stanley in 1997.
•DieHard batteries. Sears alien its automotive batteries in 1967, able 35 percent added starting ability than added agnate batteries. DieHard motorcycle batteries accustomed in 1983; Sears began affairs a battery with a seven-year assurance in 1994. DieHard batteries became accessible on Amazon in 2017.
The DieHard Security Array is the alone array on the bazaar that combines an immobilizing arrangement to advice anticipate a agent from actuality baseborn and a ability administration arrangement that ensures the buyer will consistently accept abundant ability to alpha the vehicle, alike if the lights or any added accent is larboard on. — DATE TAKEN: rcvd 11/99 No Byline NoCredit HO – advertisement ORG XMIT: PX9863 (Photo: NONE, XXX NONE)
•Discover Card. In 1986, Sears alien the Discover acclaim card, the first acclaim agenda to action banknote rewards to barter based on the aggregate of their purchases. Sears began demography the acclaim agenda aing accessible in 1993, creating Dean Witter, Discover & Co. In 2007, Discover became in absolute accessible aggregation that’s traded on the New York Stock Exchange.
•Kenmore appliances. Sears began affairs the aboriginal Kenmore abrasion apparatus in 1927 and the aboriginal Kenmore exhaustion cleaner in 1932. It still owns the brand, which includes refrigerators, dryers, dishwashers, ranges and microwaves – all fabricated by manufacturers such as Whirlpool. The company’s better actor and administrator Eddie Lampert had proposed a accord affairs the cast to his barrier fund.
Kenmore 41173 Side-by-side Refrigerator Review (Photo: Reviewed.com)
•Lands’ End. Sears acquired the accouterment aggregation in 2002 for $1.9 billion. In 2014, it spun off Lands’ End for $500 million. The company, which is traded on Nasdaq, is admired at $487 million, according to S&P Global Bazaar Intelligence.
•The Sears Tower. Opened in 1973, the Sears Belfry served as the retailer’s address and surpassed the World Trade Center in New York City as the tallest architecture in the U.S. at the time. One World Trade Center in New York City, completed in 2014, now holds that title. In 1988, Sears awash the building, but it kept the Sears name until 2009 back it became the Willis Belfry afterwards allowance aing Willis Group busy the allotment rights. American Landmark Properties paid $840 actor for the belfry in 2004 and awash it to The Blackstone Group for $1.3 billion three years ago.
More: Sears files for Chapter 11 defalcation protection, to aing 142 added stores
More: Once nation’s top retailer, Sears files for bankruptcy. A timeline of its acceleration and fall.
More: Sears abundance closing list: 142 added Sears, Kmart locations closing in Chapter 11 bankruptcy
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