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From Times Staff and Wire Reports
Sears Sells 25% of Mexican Unit: Sears, Roebuck & Co. sold the stake in its Mexican retailing operation and realized a net gain of $120 million from the sale of 16.5 million shares of Sears Mexico stock, the company disclosed in its 10-K form, a financial document filed annually with the Securities and Exchange Commission. The Mexican subsidiary was formed in 1947, according to Sears spokesman Gerald Buldak. It operates 33 stores in 26 cities, including six in Mexico City. Sears also owns 62.6% of a Canadian subsidiary, Sears Canada Inc.
