Sears has been a household name for more than 100 years. Have you ever wondered how it all started? What happened to the people that started Sears? What Sears is up to now? Here are your historical facts about Sears and how it all began.
Historical Facts about Sears #1: Company began in 1886 by Richard W. Sears.
Richard Sears started re-selling gold-filled pocket watches that he purchased at a discount. He sold these watches at railroad stations and then later by mail order.
Historical Facts about Sears #2: In 1887 Richard Sears hires Alvah C. Roebuck to repair watches. Roebuck would repair all the watches that were returned. Interestingly, Sears, Roebuck and Co. has not been run by Sears or Roebuck since 1908. Roebuck quit in 1895 and sold his share in company for $25,000. Sears quit in 1908 and sold all his stock in 1913.
Historical Facts about Sears #3: Julius Rosenwald purchased 50% of Sears in 1895.
Rosenwald focused on providing a wider range of products and was devoted to customer service. Sales increased dramatically under his leadership. Rosenwald said, “Treat people fairly and honestly and generously and there response will be fair and honest and generous.”
Historical Facts about Sears #4: By 1895 Sears offered a general merchandise catalog.
They marketed heavily to customers in rural areas and offered everything from shoes to stoves.
Historical Facts about Sears #5: Rosenwald and Sears did not get along that well.
Rosenwald believed in a more honest approach in advertising. Sears left company in 1908, possibly due to the disagreements and bad health. Rosenwald became President of Sears in 1908. He continued to be President until 1924. From 1924 until his death in 1932 he served as chairman of the board.
Historical Facts about Sears #6: In 1925 they started opening retail stores.
By 1928 one hundred ninety two Sears stores were in open for business. Currently, Sears has approximately 2000 retail locations.
Historical Facts about Sears #7: In 1931, Sears started Allstate Insurance Company and is a fully owned Sears subsidiary.
Currently, Sears Holdings also owns The Great Indoors, K-mart, Lands End and Orchard Supply stores.
Historical Facts about Sears #8: In 2003-2004 K-mart acquired Sears.
Now it is called Sears Holdings. They kept the Sears name because Sears has a better reputation for quality merchandise than does K-mart.
Historical Facts about Sears #9: As of 2007, Current Sears Holdings CEO is Aylwin Lewis
Aylwin Lewis is one of 6 african Americans that run a fortune 500 company. He is also currently on the board of directors for the Walt Disney Company.
Historical Facts about Sears #10: As of 2007,Current Sears Holdings chairman is Ed Lampert
Ed Lamperts personal net worth is about 3.5 billion. He is one of the 400 richest Americans. One technique he has used to gain additional profits for himself is by cutting payroll expenses of employees and charging customers re-stocking fees to return items.
