RETAILING

Sears CEO to Retire: Edward A. Brennan will step down Aug. 9 as chairman and chief executive of Sears, Roebuck & Co., the Chicago-based company said. The move was expected. Arthur C. Martinez, chairman of the Sears Merchandise Group, will succeed Brennan in both positions, effective Aug. 10. Brennan had waited to set a retirement date until after the spinoff of Allstate Insurance Co., which was accomplished June 30. The spinoff and the pending divestment of Homart Development Co., a commercial property development unit, will complete the transformation of Sears from a conglomerate of retailing and financial services to the retailing business on which the company was built.