sears, sears, sears

A trio of stories from Chain Store Age:

Sears Unveils New Format: Essentials Hoffman Estates, Ill. - February 8
Sears, Roebuck and Co. announced a new off-mall format: Sears Essentials. The mid-sized format, set to debut this spring, will emphasize products that are essential to home and family life.Sears Essentials will mix basic product categories with convenience items such as health and beauty, household and paper products, pet supplies and toys. The retailer says the new format was devised in response to customers’ reception of the merchandise assortments featured at another Sears off-mall concept, Sears Grand.

To support the format, Sears will leverage 50 Kmart and six Wal-Mart stores acquired in the third quarter of last year. Sears Essentials will debut in 25 locations: six in California, five in Florida, three in Illinois, two each in Maryland and New Jersey, and one each in Arizona, Kentucky, Michigan, New Hampshire, Pennsylvania, Tennessee and Virginia.


Sears Centre Planned Hoffman Estate, Ill. - February 8
Sears, Roebuck and Co. has selected “Sears Centre” as the name for the new arena planned for development in its hometown of Hoffman Estates, Ill. The arena will host theater productions, soccer and basketball games, concerts, conferences and also serve as home base for a new United Hockey League franchise.

Ryan Cos. will serve as the general partner of the partnership, in which it will hold a 75% interest and also will provide design, development and construction services. Sears will hold the remaining 25% interest and contribute the land for the development


Ratings Concern for Kmart-Sears Merger New York City - February 3
Standard & Poors’ Ratings Services expressed concern over the yet-to-be-merged Kmart and Sears. “Although there is well-defined potential for the new entity to succeed, the combination of heightened business risk, intense competition and possible underachievement in the company’s off-mall strategy could lead to sales and margin problems, as well as deteriorating credit measures,” according to a report today.

The senior unsecured debt ratings on Sears Roebuck Acceptance Corp. (the financing arm for Sears) will be lowered to BB+ from BBB, and the A-2 commercial paper rating will be lowered to B.The closing of the merger of Sears, Roebuck and Co. and Kmart Holding Corp. is expected by the end of March.