Sears, Roebuck and Company summary

Sears, Roebuck and Company, U.S. merchandising company, historically one of the world’s largest retailers. It was founded in 1893 by Richard W. Sears (1863–1914) and Alvah C. Roebuck (1864–1948). The company grew rapidly, selling mail-order merchandise at low prices to rural dwellers who lacked access to competitive retail outlets. Under Robert E. Wood (president 1928–54), Sears built stores across the U.S., and by 1931 its retail sales had topped its mail-order sales. It diversified into financial services in the 1980s and introduced the Discover credit card in 1985, but in 1992 it began shedding its financial-services subsidiaries. It discontinued its famous catalog in 1993 and spun off insurance subsidiary Allstate (founded by Sears in 1931) in 1995. A merger with Kmart in 2005 brought the two retail chains under the leadership of Sears Holdings Corporation.