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Sears Holdings Corp. filed Monday under the protection of its bankruptcy court, a grim development for a company with an illustrious 132-year history in US business. While recent generations have abandoned or totally avoided Sears stores, the company was one of the first to innovate in the US retail industry, a boon to buyers in the center of the country a century ago and a strength more dominant in the retail sector than Amazon today.
Here is an overview of the timeline of Sears' dramatic rise and fall.
1866: Richard Sears, entrepreneurial station agent
Portrait of businessman Richard W. Sears, founder of the country's largest mail order company, Chicago, circa 1900.
Chicago History Museum / Getty Images
Richard Sears, born into a wealthy Minnesota family who lost his fortune through a speculative stock transaction, worked as a station agent in 1866 when he began selling watches in a parallel company called "R.W. Sears Watch Co. "Sears meets a watch repairer, Alvah Roebuck, who, together, extends the company to selling diamonds and jewelry.
1893: Foundation of a retail giant
Inside Sears, the Roebuck & Co catalog featuring women's corsets and petticoats, circa 1897.
Fotosearch / Getty Images
After the sale of the first company, Sears moved to Chicago in 1892 and set up a second mail order company, renamed Sears, Roebuck & Co. in 1893. The cataloging business offered a much larger stock and higher prices. lower than those that rural buyers usually pay. in local general stores.
1906: IPO and new factory
Sears Building, Roebuck & Co. in Chicago, Illinois.
Historia / REX / Shutterstock
In 1906, Sears listed its shares as an investment in the stock market, the same year it opened a catalog plant and the Sears Building Tower, the first building of a future 40-acre office complex. Richard Sears will step down as President the following year due to his deteriorating health. He died in 1914. Goldman Sachs managed the Sears IPO.
1925: Opening of the first Sears store
Shoppers on escalators at the first Sears store in Chicago.
George Rinhart – Corbis via Getty Images
West of Chicago, Sears opens its first retail store in a mail order facility, including an optical store and a fountain. Meanwhile, the Sears catalog, sometimes called "wish book" by all customers, will eventually reach 1,000 pages. By 1930, Sears would operate 300 retail outlets.
1927: Sears launches its own brands
Hammers and axes for sale at a Sears Roebuck store.
Gordon Coster – The LIFE / Getty Images Collection
Sears paid $ 500 for the Craftsman trademark rights in 1927, which became known for its high quality tools. The name Kenmore begins to appear on washing machines the same year. Both brands have joined Allstate, DieHard and Toughskins as well-known brands of Sears customers over the decades.
1973: the name of the tallest building in the world
Exterior view of Sears Tower during its construction, Chicago, Illinois, circa 1972. (Photo from Hedrich-Blessing Collection / Chicago History Museum / Getty Images)
Chicago History Museum Getty Images
Sears completes the 110-story Sears tower in Chicago and moves its headquarters for the first time in half a century. In the meantime, Sears has expanded to countries such as Mexico and has become a flagship retailer in US shopping centers.
1981: Diversification and maximum performance
A woman looking at the Sears catalog in 1981.
Lyn Alweis – Denver Post via Getty Images
Sears expanded into the financial services business in 1981 by acquiring the services of investment dealer Dean Witter Reynolds and real estate firm Coldwell Banker. Over the next two years, Sears will introduce the Discover credit card and partner with IBM for Prodigy, one of the first online services.
In the late 1970s and early 1980s, Sears annual sales would reach about 1% of the US gross domestic product. In comparison, Amazon's $ 99 billion revenue last year (excluding AWS) would account for about 0.8% of US GDP.
1989: The era of cost reduction begins
Sears mannequins for sale at a store closing sale.
Rene Johnston – The Toronto Star via Getty Images
Competition from other department stores, as well as from discount retailers like Kmart and Walmart, is forcing Sears to start reducing inventory prices and taking other measures, such as exploration from a sale of the Sears Tower and the closure of its founding catalog business. Sears would eventually sell shares in Allstate and Dean Witter, while divesting Discover, Coldwell Banker and Prodigy. In 1990, Walmart surpassed Sears as the largest US retailer.
2005: A billionaire investor takes over
Alywin Lewis was Sears General Manager from 2004 to 2008.
Peter Morgan – Reuters
Hedge fund investor Eddie Lampert bought Sears' control for $ 11 billion in 2005 after taking a 15% stake in the company. As part of the deal, Sears merged with Kmart, which Lampert bought after two years of bankruptcy.
2011: the beginning of the end
Craftsman chainsaws from Sears are on sale.
Bloomberg Photography via Getty Images
After several years of profitability, Sears began to record losses that could escalate into a downward spiral. Sears has never made the transition from an essential shopping catalog to an online retailer, giving ground to Amazon and forcing the company to close shop after shop, lay off workers and sell ever-viable brands such as Craftsman .
2018: bankruptcy
One of the many Sears department stores closing for the last time.
Richard Lautens Toronto Star via Getty Images
After warning investors in 2017 of "serious doubts" about continuing their business, Sears filed for bankruptcy on October 15, 2018. Lampert resigned from his position as CEO but will remain president.
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