Sears Expresses Support for Catalogue: In response...
From Times Staff and Wire Reports
Sears Expresses Support for Catalogue: In response to reports that Sears, Roebuck & Co. is considering closing or selling its catalogue operation, the company issued a statement that it “is committed to the profitable growth” of its catalogue business. The company said there has been no decision to sell or close the 103-year-old operation. A Sears spokesman, however, declined to confirm or deny whether Sears directors would consider such a move during board meetings scheduled for Feb. 11 and 12. Separately, Standard & Poor’s downgraded its debt rating on the Chicago-based retailer to single A from A-plus, saying the giant retailer had failed to improve weak sales and would be even more hard-pressed now that recession had hit.
