The Rise and Fall of Sears: A Timeline From Its Founding to Its Bankruptcy

Sears Holdings Corp. filed for bankruptcy court protection Monday, a grim development for a company with an illustrious, 132-year history in American business. While recent generations have abandoned or entirely avoided Sears stores, the company was an early innovator in U.S. retail, a godsend to heartland shoppers a century ago, and arguably a more dominant force in the retail industry than Amazon is today.

Here is a look back at the timeline of Sears’ dramatic rise and fall.

1866: Richard Sears, entrepreneurial station agent

Portrait of businessman Richard W. Sears, founder of the country's largest mail-order retail company, Chicago, ca.1900s. | Chicago History Museum/Getty Images
Portrait of businessman Richard W. Sears, founder of the country's largest mail-order retail company, Chicago, ca.1900s. | Chicago History Museum/Getty Images

Richard Sears, who was born into a wealthy Minnesota family that lost its fortune in a speculative stock deal, was working as a station agent in 1866 when he began selling watches in a side business named “R.W. Sears Watch Co.” Sears meets a watch repairman named Alvah Roebuck, and together they expand the company into selling diamonds and jewelry.

1893: The founding of a retail giant

Inside Sears, Roebuck & Co's catalogue displaying ladies corsets and underskirts, circa 1897. | Fotosearch/Getty Images
Inside Sears, Roebuck & Co's catalogue displaying ladies corsets and underskirts, circa 1897. | Fotosearch/Getty Images

After selling the first business, Sears moves to Chicago in 1892 and establishes a second mail-order company, renaming it Sears, Roebuck & Co. in 1893. The catalog business offers a much larger inventory and lower prices than rural shoppers are used to paying in local general stores.

1906: An IPO and a new plant

Sears, Roebuck & Co. building in Chicago Illinois. | Historia/REX/Shutterstock
Sears, Roebuck & Co. building in Chicago Illinois. | Historia/REX/Shutterstock

Sears listed shares in a public offering in 1906, the same year that it opened a catalog plant and the Sears Merchandise Building Tower, the first building in what would become a huge, 40-acre office complex. Richard Sears would step down as president the following year due to declining health. He died in 1914. Goldman Sachs managed the Sears’ IPO.

1925: The first Sears retail store opens

Shoppers on the escalators at the first Sears store in Chicago. | George Rinhart—Corbis via Getty Images
Shoppers on the escalators at the first Sears store in Chicago. | George Rinhart—Corbis via Getty Images

On the west side of Chicago, Sears opens its first retail store inside a mail-order plant, including an optical shop and a soda fountain. Meanwhile, the Sears catalog, sometimes known to all customers as the “wish book,” would eventually grow as large as 1,000 pages. By 1930, Sears would operate 300 retail outlets.

1927: Sears launches its in-house brands

Hammers and hatchets being displayed for sale in a Sears Roebuck store. | Gordon Coster—The LIFE Picture Collection/Getty Images
Hammers and hatchets being displayed for sale in a Sears Roebuck store. | Gordon Coster—The LIFE Picture Collection/Getty Images

Sears pays $500 for the rights to the Craftsman brand in 1927, which would become known for high-quality tools. The Kenmore name begins appearing on washing machines the same year. The two brands would join Allstate, DieHard, and Toughskins as brand names familiar to Sears customers over the decades.

1973: The name on the world’s tallest building

Exterior view of Sears Tower during its construction, Chicago, Illinois, circa 1972. (Photo by Hedrich-Blessing Collection/Chicago History Museum/Getty Images) | Chicago History Museum Getty Images
Exterior view of Sears Tower during its construction, Chicago, Illinois, circa 1972. (Photo by Hedrich-Blessing Collection/Chicago History Museum/Getty Images) | Chicago History Museum Getty Images

Sears completes the 110-story Sears Tower in Chicago, moving its headquarters for the first time in a half-century. In the interim, Sears has expanded into countries like Mexico, while becoming a flagship retailer in malls across the U.S.