Essentials Stores Let Sears Think Outside Big Box — Glimpse of Life After Kmart Deal?
Venerable department store retailer Sears Roebuck plans the rollout of a midsize store format this spring that will include several ideas to boost shopper traffic, including locations chiefly outside of malls. The new Sears Essentials format will begin with 25 stores. They will feature most merchandise categories found in a traditional Sears store, including apparel, electronics, appliances and tools. Also included will be lawn and garden supplies, convenience food, books, paper products and health and beauty items. The stores also will have an assortment of services that can range, based on location, from automotive services to a pharmacy. Sears has not been in the pharmacy business before and will lease the services from Kmart, the discount retailer that is in the process of taking over Sears. The deal is due to close next month.
U.S. Retailers Kmart, Sears to Merge in $11 Billion Deal
U.S. retailer Kmart, which emerged from bankruptcy protection only 18 months ago, and Sears, Roebuck and Co. announced today plans to merge into a new retail giant by March 2005, in a deal worth some $11 billion. With almost 3,500 retail stores, the new company, to be called Sears Holding Corp., will have $55 billion in sales annually and will be headed by Kmart chairman Edward Lampert.
Sears Names Dayco Products a “Partner in Progress”
Sears, Roebuck and Co. has named Dayco Products LLC a “Partner in Progress” for 2003. Dayco, a division of Mark IV, offers the Dayco branded line of belts, tensioners, pulleys and hose through traditional warehouse distributors and national retail firms. Dayco was selected by Sears for its Partner in Progress award from a group of more than 10,000 suppliers from a variety of industries.
Sears Exiting Auto Service
Sears Canada is leaving the vehicle service business, in a move that affects about 775 employees as the retailer licenses three other companies to operate at 36 of its 49 auto centers. The rest of the service centers will be closed or converted to non-automotive purposes, the company announced yesterday.
Lev Peker Named PARTS iD CEO
The former CarParts.com CEO oversaw a more than doubling of annual revenue, and an increase in market cap of more than 500%.
Lev Peker Joins the PARTS iD Inc. Board of Directors
Peker served as CEO of CarParts.com, an e-commerce provider of automotive parts and accessories from 2019 to 2022.
TIA Membership Elects 4 Board Members
They will take office on Monday, Oct. 31, 2022, during TIA’s Annual Membership Meeting preceding the opening of the Global Tire Expo/SEMA show in Las Vegas.
TIA Selects Dick Gust As Next CEO
Gust will replace current CEO Roy Littlefield III, who is retiring after 18 years in the position and 42 years overall.
Axalta Announces Bright Futures Scholarship Recipients
The Bright Futures Scholarship Program assists current students in college or vocational programs in underrepresented communities near Axalta facilities.
Caliber Appoints Aylwin Lewis To Board Of Directors
As part of Caliber’s board, Lewis will help oversee and guide the company’s 1,200+ service centers.
