Sears, Roebuck & Co. will roll back prices on more than 50,000 items next week in a shift to a policy of everyday low prices, it announced today.
Michael Bozic, chairman and chief executive officer of Sears Merchandise Group, said the change will be made in all Sears retail stores and catalogues effective next Wednesday. Bozic said "the biggest change in the company's history" will require more than 800 Sears stores to close for 42 hours--from 6 p.m. Monday until noon Wednesday. This time will be used for taking inventory, repricing, setting up new displays and signing. Bozic said Sears move to everyday low prices will be supported by a multimillion-dollar advertising effort in more than 900 newspapers, national television and radio networks.