Sears, Roebuck and Co. (NYSE: S) expects to record a one-time charge of approximately $40 million, or $0.12 per share, as a result of the decision to convert its Canadian subsidiary's seven Eatons stores to Sears stores. Sears plans to record the charge in the first quarter of 2002.
Sears Canada today issued a press release, available at http://www.sears.ca/ , detailing plans to convert seven Eatons stores to Sears stores over the next six months. Sears Canada acquired 19 Eatons locations in 1999, twelve of which already operate as Sears stores.
This release contains a projection regarding a one-time charge which is a "forward looking statement." The projection is based on a preliminary estimate regarding the charge and assumptions about the impact of the conversions, and as such is subject to uncertainties that could cause actual results to differ materially. The company intends the forward-looking statement in this release to speak only as of the time of this release and does not undertake to update or revise this projection as more information becomes available.
Sears, Roebuck and Co. (NYSE: S) is a leading U.S. retailer of apparel, home and automotive products and services, with annual revenue of more than $40 billion. The company serves families in the U.S. through Sears stores nationwide, including approximately 870 full-line stores. Sears also offers a wide variety of merchandise and services through its Web site, www.sears.com . Sears, Roebuck and Co. owns a majority stake in Sears Canada.
SOURCE: Sears, Roebuck and Co.
Contact: Media, Peggy A. Palter of Sears, Roebuck and Co.,