Hubbry Logo
Sears plcSears plcMain
Open search
Sears plc
Community hub
Sears plc
logo
7 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Sears plc
Sears plc
Sears plc
View on Wikipedia
from Wikipedia

Sears plc was a large British-based conglomerate. The company was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index. It was acquired by Charles Clore in the 1950s who expanded the company to be one of the largest retailers in Britain. It was acquired by Philip Green in 1999 who oversaw the break up of the group.

Key Information

History

[edit]

The business was founded by John and William Sears in 1891 and initially traded as bootmakers under the name of Trueform.[1] Despite the company using the Sears name, it has no relations with Chicago, Illinois-based Sears Roebuck and Company and its 2005-2019 parent company, Hoffman Estates, Illinois-based Sears Holdings Corporation.

In 1929 Sears acquired footwear retailers Freeman, Hardy and Willis.[2]

Acquisition by Charles Clore

[edit]

The business was acquired by Charles Clore in 1953 for £4 million, by which time it had over 900 shops.[1][3] In 1954, Sears bought Haverton Holdings for £3.5 million, which owned Furness Shipbuilding Company and a controlling interest in listed hosiery knitting machine manufacturer, Bentley Engineering, in which Clore was a board member.[3][4] He renamed the group Sears Holdings in 1955 and went on to buy the Manfield and Dolcis shoe shop chains the following year, bringing the total number of shops up to almost 1,500.[1][3]

Creation of British Shoe Corporation and diversification

[edit]

In the late 1950s Clore consolidated all the shoe brands Sears had acquired under the name British Shoe Corporation[1] under which name it also bought the recently merged Saxone Lilley & Skinner, another shoe shop chain with over 500 shops, in 1962.[5][3] In June 1959, the group acquired the remainder of the Scottish Motor Traction Company for £1.7 million. In August 1959, after already acquiring a controlling interest, they increased their ownership in Mappin & Webb jewelers to 98% for £3 million. In October 1959, Mappin & Webb bought Garrard & Co, the Crown Jeweller, for almost £1 million.[6] The same year, the group also tried to acquire brewer Watney Mann for £20 million.[3] By the year-end, the group divided itself into four sub-divisions (British Shoe Corporation; Engineering; Motor distribution, and Mappin and Webb).[6]

In 1964, the group acquired US linen hire and industrial laundry, Consolidated Industries, which it renamed Sears Industries. Sears Industries later acquired US knitwear manufacturer, Highlander.[3]

Purchase of Lewis's department stores and Selfridges

[edit]

Sears decided to invest in department stores in 1965 acquiring Lewis's Investment Trust which itself controlled Selfridges for £63 million.[1][3] In 1966, Selfridges launched the Miss Selfridge department, which subsequently expanded to a store chain in its own right.[7]

Following large losses, in October 1968, Clore sold the Furness Shipbuilding yard to the Swan Hunter group for £2.5 million, retaining a small shareholding in Swan Hunter.[8][3]

The company diversified again in 1971, buying William Hill, a chain of bookmakers. They fully acquired Mappin & Webb in 1973.[1][9] They later acquired 20% of Asprey & Co.[10][11]

In 1973, a financial services arm of Selfridges was created which eventually became SearsCard, with its primary function to provide store card facilities for retail companies within the Sears Group.

Housebuilding and retirement of Clore

[edit]

In January 1975, the group was made up of the following divisions: Footwear retailers and manufacturers (British Shoe Corporation, now also including Curtess); Departmental stores (Selfridges, Miss Selfridge, Lewis's and Robinson & Cleaver); Engineering; Motor vehicle sales and service (SMT Sales and Service, Ritchies, Shaw & Kilburn, Gilbert Rice); Jewellery retailers (Mappin & Webb, Garrard & Co, Arthur Conley & Son) and miscellaneous (Liverpool bakers S Reece & Sons); Licensed betting offices (William Hill); Linen hire and industrial laundries (Sears Industries) and knitwear manufacture (Highlander). The group also had a 20-30% interest in the Freemans mail order business and a 6% interest in Swan Hunter. They also acquired at the year end housebuilder Galliford Estates.[12]

Clore retired as chairman in 1976 and was replaced by solicitor Leonard Sainer.[3]

Sports and Leisure

[edit]

Sears moved into the sports and leisure market 1978, buying Olympus Sports.

In 1980, they acquired clothing retailer Wallis and US-based Butler Shoe Corporation in 1981. They sold Sears Industries in January 1982.[11] In 1982, jewelers Conley were renamed Walker & Hall and in 1983, Sears acquired a 20% interest in Central Independent Television.[11]

In 1986 it acquired Blacks Leisure Group for £3.3 million[13] but the transaction did not complete.[citation needed]

In June 1990, they acquired Astral Sports & Leisure from House of Fraser for £9 million and renamed most stores as Olympus Sports, which by then was the largest sports clothing and footwear retailer in the UK.

Men's retail

[edit]

By 1985, Sears was Britain's largest shoe retailer.[14] Foster Brothers Clothing, which owned Adams Childrenswear and Millets, were acquired in 1985.[15][3] The same year the company was renamed Sears plc when it had the following brands: Fosters; Wallis; Selfridges; William Hill; Olympus Sports; Saxone; Garrard; Roland Cartier; Mappin & Webb; SMT; Adams; Shaw & Kilburn; Freeman Hardy Willis; Dolcis; Gilbert Rice; Miss Erika; Miss Selfridge; Butler; Galliford; Trueform; Lilley & Skinner; Manfield; Lewis's; Curtess; and Millets.[10]

In April 1986, it supported a management buyout of Mallett Antiques, investing £6 million for a 50% stake but reducing it to 26% by the listing of the company in March 1987.[16]

In July 1987, menswear retailer Horne Brothers was acquired for £34 million.[17]

Freemans catalogue

[edit]

In 1988 Freemans was fully acquired by Sears for £480 million,[17] turning it into one of the country's largest retail organisations. It also meant that Freemans could now easily source and stock popular high street brands and promote them in its catalogue.[3]

Disinvestments

[edit]

In 1986 and 1987, the group restructured and closed or disposed the remaining engineering businesses and sold off the motor group to Lex Services for £86 million.[16] It also sold the investment in Central Independent Television in 1986.[16]

The Lewis's department store business and the Butler group were sold in 1988, although the company retained ownership of the Lewis stores in Glasgow and Hanley.[3][17] In December 1988, the group disposed of William Hill for £331 million and in 1989 the investment in Mallett Antiques was disposed.[18] They announced in October 1989 a withdrawal from housebuilding and they also started to dispose of some of the group's property interests.[19]

In July 1990, Sears sold Mappin & Webb and Garrard to Asprey plc in exchange for an increased stake in Asprey, giving them a 38.5% interest in the expanded group.[19]

In May 1992, the group decided to remove themselves from menswear retail sector and sold Fosters in September 1992.[20] In April 1993, it finally left the housebuilding sector with the sale of Galliford.[20]

It acquired Richard Shops in October 1992.[21]

As at April 1995, the company was FTSE 100 listed.

In August 1995, it sold Freeman Hardy Willis, Manfield and True Form to entrepreneur Stephen Hinchliffe and his business Facia,[22] and in October 1995, sold Olympus Sports.[23]

By 1996, the group had the following divisions: Footwear (Shoe Express, Shoe City, Saxone, Dolcis, Curtess, Roland Cartier, Cable & Co, Hush Puppies, Lilley & Skinner); Home Shopping (Freemans); Selfridges; Sears Clothing (Richards, Wallis, Warehouse, Miss Selfridge, Adams Childrenswear, The Outfit); Sears Group Properties (including The Selfridges Hotel, Part ownership of The St. Enoch Shopping Centre in Glasgow, 3,000 retail shops being mostly leasehold with a few freehold jewels such as 190 Oxford Street and 330 Oxford Street known as the Top Shop flagship store.[citation needed]); SearsCard and Sears Retail Services.[23]

Break up of the British Shoe Corporation

[edit]

In February 1996 the group also sold Saxone and Curtess to Facia.[24][22] Soon after, the Facia group collapsed, and Sears took back the leases for 380 stores that they had sold.[25] In August 1996, the Hush Puppies retail business was sold to Stylo plc and the wholesale business to Wolverine World Wide.[26] The remaining parts of British Shoe Corporation were sold by early 1998, at an accounting loss of £150 million.[27] In 1997, the shoes concession business was sold to Nine West for £9 million; Dolcis was sold to the Alexon Group; Shoe Express was sold to a consortium headed by Philip Green; Shoe City to Belgium group Brantano; and finally Cable & Co to Nine West.[28]

Millets was sold in March 1996, ending the Sports & Leisure division[23] and Selfridges was demerged in July 1998.[29]

Acquisition by Philip Green

[edit]

Sears plc was acquired by January Investments on behalf of Green in January 1999 for £548 million.[30] The company delisted from the London Stock Exchange in March 1999 and re-registered as a private company (Sears Limited) on 12 April 1999.[29] Following the sale, Freemans plc and Creation Financial Services (formerly SearsCard) were sold off, leaving the group with Sears Clothing and Sears Properties.[29]

The womenswear business (comprising Warehouse, Richards, Wallis, Outfit and Miss Selfridge) was subsequently transferred to Arcadia Group for £151 million.[31] Philip Green later purchased the Arcadia Group, regaining control of Wallis and Miss Selfridge alongside Arcadia's other brands (Arcadia having closed Richards, and sold Warehouse to Rubicon Retail).

Sears Group Properties, a wholly owned subsidiary, was sold to the owner of department store Owen Owen, and continues to operate as an outsourced property solution for other fashion brands.[citation needed]

SPDL (Sears Property Developments Limited), a wholly owned subsidiary of Sears plc, was swallowed up by January Investments but the retail park development properties asset strip generated around £50 million. These included Parc Fforestfach (A483 Pontardulais Road, Swansea) and Westway Cross Retail Park (Greenford). The Sears Property Developments Limited team of four contributed in excess of £10 million per annum in profits between 1995 and 1999 and was Sears "secret weapon." The Times's unfavourable commentary regarding SPDL's property development pipeline (stating it was involved in risky developments) arguably led to Sears plc becoming a bid target.[citation needed]

Brands owned by Sears

[edit]

Footwear retailers and manufacturers

[edit]
  • True Form (1891-1995)
  • Freeman Hardy Willis (1929-1995)
  • Curtess (1954-1996)
  • Manfield (1956-1995)
  • Dolcis (1956-1997)
  • Saxone (1962-1996)
  • Lilley & Skinner (1962-?)
  • Bertie
  • Butler Shoe Corporation (1981-1988)
  • Shoe City (198?-1997)
  • Shoe Express (1987-1997)[27]
  • Roland Cartier
  • Shoe Connection (1995-1997)[27]
  • Cable & Co (1988-1998)[27]
  • Hush Puppies (-1996)

Departmental stores

[edit]

Clothing

[edit]
  • Wallis (1980-1999)
  • Miss Erika
  • Foster Brothers Clothing (1985-1992)
  • Your Price
  • Adams Childrenswear (1985-?)
  • Outfit (-1999)
  • Warehouse (-1999)
  • Horne Brothers (1987-?)
  • Richards (1992-1999)

Sports and Leisure

[edit]
  • Olympus Sports (1978-1995)
  • Millets (1985-1996)

Engineering

[edit]

Motor vehicle sales and service

[edit]
  • SMT Sales and Service (1959-1987)
  • Ritchies (-1987)
  • Shaw & Kilburn (-1987)
  • Gilbert Rice (-1987)

Jewellery retailers and miscellaneous

[edit]

Licensed betting offices

[edit]

Linen hire and industrial laundries and knitwear manufacture

[edit]
  • Consolidated Industries (renamed Sears Industries) (1964-1982)
  • Highlander

Housebuilding

[edit]

Home shopping

[edit]

Other

[edit]

Brands after demise of Sears

[edit]

Adams Childrenswear - trading as 'Adams Kids' - remained on the high street until 2010, after some difficulties over the years, and collapsed into administration twice in the late 2000s;[32] former Stead & Simpson chairman John Shannon purchased a portion of the chain's outlets and the Adams brand,[33] before the company fell into administration for a third time in 2010.[34] The brand survives as an online business.[35]

Selfridges is owned by Selfridges Group (itself owned 50% by Thai Central Group & Austrian Signa Holdings) it has expanded out of London with branches in Manchester & Birmingham.

Richard Shops were closed down by Arcadia Group shortly after the firm took the chain over from Sears. Miss Selfridge and Wallis remain part of Arcadia, and the firm has also continued to develop and evolve the Outfit out-of-town fashion store format initially developed by Sears. Arcadia sold Warehouse as part of the deal which created Rubicon Retail in 2002. Subsequently, Rubicon merged with Mosaic Fashions, and following the collapse of Mosaic, Warehouse is in the hands of Aurora Fashions, which took on many of Mosaic's brands.[citation needed]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Sears plc

View on Grokipedia
from Grokipedia
Sears plc was a prominent British retail conglomerate specializing in fashion, footwear, and department stores, operating major brands such as , Wallis, , Richards, and Adams childrenswear, alongside the catalogue and a dominant position in the UK shoe market. With approximately 26,000 employees and a valuation of £548 million at the time of its 1999 takeover, it ranked among the country's largest non-food retailers, though no stores bore the Sears name directly. The company's roots trace back to 1912, when it was incorporated as a under the name J. Sears & Co., initially focused on shoe manufacturing and wholesale supply to other retailers. Under the leadership of investor from the 1950s onward, Sears expanded aggressively through acquisitions and consolidation, renaming to in 1955 and becoming Sears plc in 1985; it was listed on the London Stock Exchange and joined the as a major player in diversified retail. Key expansions included the creation of the British Shoe Corporation in 1956, which unified various footwear chains like Freeman, Hardy & Willis, Dolcis, and True-Form into the UK's largest shoe retailer, and the 1965 acquisition of the department store group, incorporating the iconic on London's along with provincial outlets. By the 1990s, Sears had divested some engineering and betting interests (such as selling William Hill in 1989 and parts of its shoe business in 1996) to refocus on core retail, but faced challenges from shifting consumer trends and competition. In January 1999, Sears plc was acquired in a £548 million deal by entrepreneur through his vehicle January Investments, backed by the Barclay brothers, marking the end of its public status. The company was delisted from the Stock Exchange shortly thereafter and re-registered as the private Sears Limited in 1999. promptly broke up the group, selling the womenswear divisions—including , Wallis, , Richards, and Outfit—to the for an undisclosed sum later that year, while offloading to rival catalogue operators and retaining other assets briefly before further disposals. Today, Sears Limited remains an active with its registered office in , classified under activities of other holding companies not elsewhere specified, though it no longer conducts significant retail operations.

History

Founding and Early Expansion

Sears plc traces its origins to 1891, when brothers John and William Sears established J. Sears & Co. in , , as a boot and shoe manufacturer primarily supplying other retailers on a wholesale basis. The company focused on producing high-quality footwear, leveraging Northampton's established shoemaking industry to build a solid foundation in manufacturing. By 1897, J. Sears & Co. had opened its first retail outlet, marking an initial foray into direct sales while continuing to emphasize wholesale operations. In 1912, the business was incorporated as J. Sears & Company (True-Form Boot Company) Ltd., formalizing its structure and adopting "True-Form" as the for its growing retail chain. Early operations centered on wholesale production, with the factory supplying an expanding network of shops that reached 80 outlets by 1906. Under William Sears' leadership, the prioritized efficient manufacturing processes, producing standardized boots and shoes to meet demand from multiple retailers. A pivotal moment came in 1929 when J. Sears & Co. acquired Freeman, Hardy & Willis, a major Leicester-based retailer with over 500 stores across the . This merger, valued at over £4 million, integrated Freeman, Hardy & Willis's extensive retail network with ' manufacturing expertise, creating the largest entity in Britain at the time and propelling into significant retail prominence. The combined operation exceeded 700 shops, allowing to control both production and distribution more effectively. During the , experienced steady growth in its manufacturing and retail networks, navigating economic challenges including the of . Despite widespread and reduced , the company's vertically integrated model—encompassing factories in and retail outlets nationwide—enabled resilience and expansion, with output increasing to support a broader by the late . Pre-World War II developments further solidified this position, as invested in production capacity and maintained multiple brand identities to cater to diverse customer segments within the sector.

Acquisition by Charles Clore

In 1953, , a self-made entrepreneur with a background in development and diverse investments including theaters, acquired control of the family-owned J. Sears & Co., a major shoe retailer, in a deal valued at over £4 million. This takeover, which overcame significant opposition from the existing board, marked the first successful hostile bid in British corporate and transformed the company from a specialized footwear operation—encompassing brands such as True-Form and Freeman, Hardy & Willis—into the foundation of a broader public conglomerate. Clore, then aged 48, envisioned leveraging the firm's extensive holdings, including prime retail sites, to fuel expansion beyond shoes by monetizing assets amid rising postwar values. Following the acquisition, Clore initiated early reorganization efforts, centralizing of the to streamline operations and improve across the retail network. In 1955, to signal this shift toward diversification, the company was renamed Sears Holdings Ltd. and maintained its listing on the London Stock Exchange, where it had traded as a public entity prior to the . Clore's strategy emphasized property as a core asset, with the firm selling off select shop sites and leasing them back to generate immediate capital for reinvestment. During the 1950s, Sears Holdings experienced robust financial growth under Clore's leadership, with profits roughly tripling from pre-acquisition levels as the company capitalized on its property portfolio. Between 1953 and 1954 alone, property disposals raised over £4 million, underscoring the scale of real estate-driven expansion and positioning the group as a pioneer in asset-backed retail conglomerates. This period laid the groundwork for ' evolution into one of Britain's leading industrial firms by the decade's end.

Formation of British Shoe Corporation

In 1956, following his acquisition of J. Sears & Co. in 1953, consolidated the company's various footwear retail operations into the British Shoe Corporation (BSC), creating a unified entity that integrated major brands such as Freeman, Hardy & Willis, Curtess, Manfield, and Dolcis. This restructuring came after key 1956 purchases of Manfield (adding 200 stores) and Dolcis (adding 250 stores), bringing the total to nearly 1,500 outlets across the and establishing BSC as a dominant force in the sector. Clore's approach emphasized operational efficiency, including the construction of a central warehouse in to streamline distribution for all brands. The formation of BSC occurred amid the post-World War II retail boom in Britain, characterized by rising consumer spending and urban expansion that fueled demand for affordable footwear. By the mid-1960s, BSC had achieved significant market dominance, controlling approximately 40% of the British footwear retail market after further consolidation. Clore pursued a strategy of , combining manufacturing capabilities—such as Sears' own factories—with retail distribution to control costs and supply chains in an industry facing growing from low-cost imports. A pivotal expansion in the was the 1962 acquisition of Saxone and Lilley & Skinner for £27.3 million, which added around 500 stores and boosted BSC's total to over 2,000 outlets by the decade's end. This move solidified BSC's position as the UK's largest shoe retailer, with nearly one-third of the national market by the late , though the corporation remained focused on footwear amid broader diversification into non-retail sectors like and .

Expansion into Department Stores

In 1965, Sears plc, under the leadership of , acquired Investment Trust for £63 million, thereby entering the sector with control over the prestigious on London's and 10 additional stores in provincial cities such as , , and Birmingham. This move diversified Sears beyond its stable footwear foundation in the British Shoe Corporation, positioning the group as a major player in upscale multi-category retail. The integration of these department stores into Sears' portfolio capitalized on Clore's extensive property expertise, enabling the redevelopment and enhancement of prime retail sites to maximize their commercial value while reinvesting proceeds into further growth. Operationally, Sears centralized purchasing across the acquired stores to streamline efficiency and introduced modernizations, including enlargements and updates to fixtures and layouts in several locations to revitalize their appeal amid shifting consumer preferences in the mid-1960s. At , the focus shifted toward amplifying luxury offerings, with expansions such as new branches in and to extend the brand's reach beyond . By the late , the s had become a significant revenue driver for , elevating the company into the top 30 industrial firms in and expanding its workforce to 65,000 employees. Throughout the 1970s, Sears sustained this momentum through ongoing store refurbishments and site optimizations, including the addition of facilities like the Selfridge Hotel and expanded parking at the flagship to support growing footfall and luxury positioning. Clore's oversight guided these developments until his death in 1979, after which the chairmanship passed to Leonard Sainer, maintaining the emphasis on department store growth into the early 1980s.

Diversification into Sports, Leisure, and Other Sectors

Under Charles Clore's leadership in the 1970s, Sears plc pursued diversification beyond its core footwear and department store operations to mitigate risks associated with retail volatility, incorporating stable sectors like , betting, and while maintaining interests in industrial services. This strategy aimed to leverage the company's financial resources for growth in non-cyclical areas, with and betting emerging as particularly successful ventures that bolstered overall profitability. A key expansion into betting occurred in 1971 with the acquisition of William Hill, a prominent chain of licensed bookmakers, which provided Sears entry into the growing off-course wagering market. Although profits from William Hill fluctuated due to regulatory changes and economic conditions, the business contributed as much as 10% of Sears' total profits in strong years, serving as a reliable hedge against retail downturns. In property development, Sears entered housebuilding in 1975 by acquiring Galliford Estates, a firm specializing in residential across and holding commercial interests in the . This purchase formed the foundation of ' property division, which capitalized on the era's housing boom to generate steady income streams complementary to its retail assets. Sears also ventured into sports and retail toward the decade's end, acquiring Olympus Sportswear in 1978—a chain with approximately two dozen outlets focused on sporting goods. Under Sears' management, Olympus was rapidly expanded into Britain's leading sports retail network, aligning with rising consumer demand for activities and diversifying from traditional apparel. The company's and industrial interests, stemming from the acquisition of Consolidated Laundries (renamed Sears Industries), continued into the with stakes in linen hire, laundries, and related firms, though the broader segment, including automotive components like , encountered challenges from declining demand starting in 1974. These operations provided service-based stability but ultimately underperformed, leading to divestments in the early as Clore's successors refocused the conglomerate.

Acquisition of Catalogue and Betting Businesses

During the , Sears plc expanded its non-physical retail operations through the acquisition of the mail-order catalogue business, marking its largest deal of the decade. Sears completed the purchase in for £477 million, securing a major stake in Britain's third-largest mail-order market and enhancing its capabilities. This move diversified Sears beyond traditional stores, positioning as a key pillar in the group's retailing portfolio. The integration of into Sears' broader ecosystem created operational synergies, particularly with established clothing brands like Wallis, allowing for cross-promotion of fashion lines through catalogue channels and shared supply networks. Freemans' focus on apparel and home goods complemented Sears' women's wear divisions, enabling efficient inventory management and targeted marketing to overlapping customer bases. By the late , non-store sales from Freemans represented a significant portion of the group's overall , underscoring the strategic value of this expansion. Parallel to the catalogue growth, Sears consolidated its betting operations with the William Hill chain, initially acquired in 1971. Under Sears' ownership, William Hill expanded rapidly, growing to over 1,700 outlets by the late , capitalizing on increasing demand for on-site wagering. This development strengthened Sears' presence in sectors, with William Hill contributing steadily to profits despite the industry's volatility. Leadership during this period of and betting expansion transitioned to Liam Strong, appointed CEO in 1992, who prioritized non-store retail growth to modernize ' business model amid shifting consumer trends. Strong's tenure focused on leveraging for sustained revenue streams, integrating digital and mail-order innovations to bolster the group's competitive edge in .

Divestments and Restructuring

In the late , Sears plc began a series of divestments to address mounting debt from prior expansions. In December 1988, the company sold its William Hill betting chain, consisting of 1,276 outlets, to for £331 million in cash. This transaction was part of a broader to streamline operations and reduce financial leverage following acquisitions in the betting and sectors. The 1990s marked a major restructuring phase, driven by underperformance in the footwear sector amid a retail downturn characterized by shifting consumer preferences and increased competition. Sears initiated the breakup of its British Shoe Corporation (BSC) subsidiary in 1996, disposing of loss-making chains to focus on more profitable core segments. That year, it sold the Saxone and Curtess shop brands, comprising 235 stores, to the Facia Group for approximately £3-4 million, alongside the transfer of related assets and leases. Subsequent sales included Dolcis in to a led by Alexon for £1.6 million, Shoe Express, and 44 Shoe City branches to Brantano for £6 million, resulting in a net loss of £16 million on the latter. By early 1998, the final BSC asset, the Cable & Co chain of 25 stores, was sold, completing the divestiture of the group's operations and leading to around 4,000 job losses. Parallel to the BSC breakup, Sears divested other non-core assets to sharpen its retail focus. In 1993, it sold its 25% stake in luxury goods retailer for £92 million. In a key move, Sears demerged its flagship Selfridges department store chain in July 1998 as a standalone , with shares initially trading at around 228p to value the business at approximately £360 million. These divestments, spanning from 1988 to 1998, generated net proceeds exceeding £1 billion, enabling Sears to eliminate unprofitable divisions, return £80 million to shareholders via a special , and concentrate on high-performing areas like department stores and sportswear amid challenging market conditions. The restructuring incurred costs of about £115 million but positioned the company for renewed emphasis on viable retail formats.

Acquisition by Philip Green

In early 1999, British retail entrepreneur , through his investment vehicle January Investments and backed by the Barclay brothers, launched a hostile takeover bid for Sears plc amid the company's struggling performance. After an initial offer of £519 million was rejected, Green increased the bid by £29 million, leading the Sears board to unanimously accept the £548 million cash offer in January 1999. The deal, which Green had pursued intermittently for over a decade, took Sears private and resulted in its delisting from the London Stock Exchange. Green's strategy focused on swift to unlock value from the conglomerate, which had been partially streamlined by prior divestments such as the sales of and other non-core units. In April 1999, he sold the mail-order catalogue to German retailer Otto Versand for £150 million, marking the first major disposal in . This was followed in July by the sale of ' womenswear division—including the Wallis, Outfit, Warehouse, Richards, and brands—to the for £151 million, transferring over 595 stores to the buyer. The Creation credit card operation was also offloaded for approximately £140 million to a led by venture capitalists. Green retained Sears' valuable property portfolio, initially valued at under £200 million, and proceeded to sell individual assets for more than £300 million over the subsequent months, capitalizing on the real estate's hidden worth. Through these transactions, Green and his partners recouped the full acquisition cost and generated an estimated additional £800 million in profit within a year, showcasing the financial upside of the rapid disassembly. The disposals effectively ended Sears plc as an independent operating entity, with its remaining retail components absorbed into the , which Green would fully acquire two years later. This exemplified the aggressive corporate tactics prevalent in the late retail consolidation, where high-profile entrepreneurs like Green targeted underperforming groups for opportunistic breakups amid intensifying competition and shifting consumer trends.

Business Segments

Footwear Retail and Manufacturing

The British Shoe Corporation (BSC), a key subsidiary of Sears plc formed in 1956, served as the cornerstone of the company's operations, integrating retail chains with in-house manufacturing to dominate the market. At its peak in the late , BSC operated over 2,500 stores across multiple brands, making it the largest retailer in Britain. This extensive network allowed for efficient distribution and opportunities with Sears' clothing segments, enhancing overall customer traffic in shared locations. BSC's portfolio included several established footwear brands acquired through strategic purchases, such as True-Form (founded 1891), Freeman Hardy & Willis (acquired 1929), Curtess (1954), Manfield (1956), Dolcis (1956), Saxone (1962), Lilley & Skinner (1962), and Bertie. Additionally, BSC held a license to retail products, converting numerous Freeman Hardy & Willis outlets into dedicated stores in the early 1990s to capitalize on the brand's casual appeal. Later expansions introduced value-oriented formats like Shoe City and Shoe Express in the 1980s, alongside upscale options such as Roland Cartier and Cable & Co., broadening BSC's market coverage from budget to premium segments. On the manufacturing side, BSC maintained several factories as part of its vertically integrated model, producing for its own brands while also supplying third-party retailers, which solidified its position as the largest entity in the British industry. These facilities, often located in traditional regions like and , handled production of everything from everyday boots to specialized styles, supporting a robust that emphasized and . By the 1980s, BSC commanded approximately 25% of the footwear retail market, selling one in four pairs of shoes purchased in the country and outpacing rivals through sheer scale and brand diversity. However, intensifying from independents like Stead & Simpson began eroding margins, as these smaller chains offered more agile pricing and localized assortments amid shifting consumer preferences toward imported goods.

Clothing Retail

Sears plc began expanding into dedicated clothing retail in the 1960s, launching in 1965 as a youth-oriented women's department within before developing it into an independent chain of stores targeting trendy, affordable apparel for young women. This marked the company's initial shift toward specialized clothing outlets, complementing its core business by offering complementary apparel in proximity to shoe shops. The expansion accelerated in the 1980s through strategic acquisitions. In 1980, Sears acquired the Wallis fashion group, a chain of mid-market women's wear stores emphasizing stylish, accessible clothing for a broad female demographic. In 1985, the company purchased Foster Brothers Clothing for approximately £113 million, gaining over 700 shops focused on men's suits and , along with Adams Childrenswear, a network specializing in affordable kids' outfits. This acquisition bolstered Sears' menswear and childrenswear segments, with Foster Brothers positioned as a value-driven option for everyday professional attire. Two years later, in 1987, Sears acquired Horne Brothers for £34 million, adding an upmarket menswear chain that offered higher-quality suits and formalwear to diversify its male apparel portfolio. By the late and into the , Sears further developed its operations with brands like Outfit, an out-of-town fashion store format aimed at family-oriented , and , a women's chain providing contemporary, budget-friendly styles. Richards supplemented the women's segment with plus-size and mature fashion options, while Miss Erika targeted niche women's apparel markets. Overall, these brands adopted an affordable mid-market positioning, emphasizing accessible pricing and everyday versatility to appeal to middle-income consumers. Many outlets were co-located with Sears' footwear stores, such as Freeman Hardy & Willis, to leverage cross-shopping synergies and enhance foot traffic. By the , Sears' retail network contributed significantly to its diversified portfolio, operating hundreds of dedicated apparel stores across the . The 1988 acquisition of briefly integrated physical sales with catalogue synergies, allowing select brands like Wallis to extend reach through mail-order channels.

Department Stores

Sears plc entered the department store sector in 1965 through its acquisition of the for £63 million, which encompassed the Lewis's chain of 11 mid-market s specializing in variety goods such as clothing, household items, and furnishings, primarily located in regional cities across the including , , Birmingham, and . These stores, established as a prominent British retail chain since 1856, catered to a broad middle-class clientele with a focus on affordable, everyday essentials and served as key anchors in their respective urban centers. The acquisition, orchestrated under the leadership of —who had earlier amassed significant property assets through strategic investments—marked Sears' strategic pivot toward upscale retail diversification beyond its core footwear operations. Complementing the Lewis's chain was the iconic Selfridges, the flagship store on London's , renowned for its emphasis on luxury fashion, international designer brands, and high-end merchandise since its founding in 1909. Under ' ownership, Selfridges solidified its position as a premier destination for upscale shopping, offering an extensive range of couture, accessories, and that attracted affluent customers and tourists alike. The store's expansive layout, spanning over 540,000 square feet, underscored its role as a symbol of retail elegance and innovation within the Sears portfolio. Throughout the late and , Sears invested heavily in renovations and expansions to modernize its holdings, including enlargements of several locations and significant upgrades to such as the addition of a four-star Selfridge Hotel, a 500-car parking facility, and an expanded area to enhance customer convenience and appeal. These improvements, coupled with centralized buying processes that streamlined procurement and reduced costs, optimized operations across the chain by standardizing basic inventory sourcing—often leveraging synergies with the British Shoe Corporation for footwear and essentials—while reserving premium, specialized sourcing for luxury items at Selfridges to maintain brand exclusivity. During the and , the department stores represented a vital for plc, contributing substantially to the group's overall earnings through their established customer base and efficient management, which helped elevate the company into Britain's top 30 industrial firms by the mid-1960s.

Sports and Leisure

plc entered the sports and leisure retail sector in 1978 through the acquisition of Olympus Sportswear, a chain comprising approximately 24 outlets focused on and outdoor gear. This move marked an early diversification effort beyond the company's core business, allowing to tap into the growing demand for recreational equipment and apparel in the . Under ' management, Olympus underwent substantial expansion, evolving into the leading sports and leisure chain in by leveraging and strategic store placements. In 1985, Sears further strengthened its position in the outdoor segment by acquiring Foster Brothers Clothing, which included Millets, a specialist retailer offering budget-friendly outdoor clothing and equipment. Millets operated over 120 outlets at the time, providing affordable options such as gear, supplies, and wear targeted at families and casual adventurers. This acquisition complemented Olympus by broadening Sears' portfolio to encompass value-oriented products, emphasizing accessibility for everyday consumers rather than premium athletic brands. The brand strategy for these operations centered on affordable leisure wear and equipment, appealing to family markets through practical, durable items suitable for outdoor activities like and . Integration with ' existing footwear retail allowed for bundled sales, where customers could pair outdoor apparel with compatible shoes, enhancing opportunities within the group's broader network. By the late , the combined Olympus and Millets entities had solidified ' presence in the UK outdoor retail landscape, contributing to the company's diversification under Charles Clore's influence.

Home Shopping and Catalogue

Sears plc entered the sector through its acquisition of in 1988, marking the company's largest purchase of the late 1980s and providing a substantial foothold in the British mail-order market. This move built on an earlier minority stake held by Sears in the , culminating in full ownership that integrated Freemans as a core non-store retail arm. Freemans, founded in 1905, had evolved into one of the UK's leading catalogue businesses, serving a customer base exceeding 2 million by the time of the acquisition. The catalogue offered a diverse product range encompassing for men, women, and children, household goods such as furniture and appliances, and accessories including jewelry. At its peak in the , the catalogue achieved annual circulation of around 10 million copies, distributed nationwide to reach a broad demographic seeking convenient options. This mail-order model emphasized affordability and , allowing customers to browse and order from home without visiting physical stores. Freemans pioneered several technological advances in non-store retail under ' ownership, including early implementation of proprietary credit systems that facilitated installment payments tailored to working-class consumers. The company also conducted trials in television shopping during the late and early , experimenting with broadcast formats to supplement orders via . These innovations helped streamline order processing and customer financing, setting Freemans apart in an era when mail-order relied heavily on manual fulfillment. By the 1990s, the home shopping and catalogue segment, led by , accounted for approximately 40% of Sears plc's overall sales, providing a buffer against downturns in high-street retail during economic slumps. Unlike brick-and-mortar operations vulnerable to foot traffic fluctuations, the catalogue business maintained steady demand through distribution. This resilience underscored the strategic value of diversification into mail-order, contributing significantly to ' profitability in non-physical retail channels. Supporting this growth was an extensive distribution network of warehouses and fulfillment centers, primarily located in the and North of , which handled picking, packing, and shipping for millions of orders annually. These facilities enabled efficient nationwide delivery, often within days of order placement, and integrated with verification processes to ensure smooth operations. with ' physical clothing stores occasionally featured catalogue-exclusive items, enhancing overall in a limited capacity.

Automotive and Miscellaneous Ventures

Sears plc diversified into the automotive sector during the mid-20th century, acquiring several companies specializing in motor vehicle sales and servicing to expand beyond its core footwear and retail operations. In 1957, the company acquired Shaw and Kilburn, a prominent car dealership based in Luton, England, which operated showrooms and service facilities. This was followed in 1966 by the acquisition of Scottish Motor Traction Co. (SMT), which included SMT Sales and Service Co. as its primary automotive arm in Scotland and integrated Shaw and Kilburn as an English subsidiary, forming a network of vehicle dealers across the UK. Additional acquisitions in the 1970s and 1980s encompassed Ritchies and Gilbert Rice, further strengthening the group's presence in car sales and maintenance, though these operations were divested by 1987 as part of a broader restructuring effort. In parallel, Sears ventured into and service-based industries, notably through the acquisition of -based Consolidated Laundries, which it renamed Sears Industries Inc. to encompass hire, industrial laundries, and related services. This subsidiary also incorporated a knitwear operation, identified as Highlander, which focused on apparel production but underperformed financially. By 1981, due to limited success, Sears divested the knitwear and associated jewelry retail components of Consolidated Industries, retaining only core elements briefly before further streamlining. The company's foray into betting began in 1971 with the acquisition of William Hill, a leading founded in 1934, following the death of its namesake owner. Under Sears ownership, William Hill expanded rapidly, growing to over 1,700 licensed betting shops by the late 1980s and contributing up to 10% of ' overall profits in strong years through its network of off-course wagering outlets. This operation was sold in 1988 to for £330 million, allowing Sears to refocus on retail amid shifting regulatory and market conditions. Sears also pursued miscellaneous retail opportunities in luxury goods, acquiring Mappin & Webb in 1959, a historic English jeweler and silversmith established in 1775 and holder of royal warrants. This added high-end jewelry and silverware sales to the portfolio, complementing department store offerings, though it achieved only modest success. Mappin & Webb was sold in 1990 to Asprey plc in exchange for a stake in the latter, alongside fellow jeweler Garrard & Co., as Sears prioritized core clothing and footwear segments. Collectively, these , betting, and jewelry ventures represented non-core diversification strategies that generated supplementary revenue—estimated at around 15% of the group's total in peak periods—but were progressively divested from the onward to sharpen focus on retail efficiency and profitability.

Post-Acquisition Developments

Fate of Major Brands

Following Green's acquisition of Sears plc in January 1999, the company underwent significant divestments of its major brands, primarily to streamline operations and realize value from non-core assets. These sales, executed rapidly in the late 1990s and early , marked the breakup of the conglomerate and transferred key retail segments to specialized owners. The womenswear portfolio, including prominent brands such as Wallis, Outfit, , , and Richards, was sold to the in July 1999 for £151 million. Under 's ownership, these brands expanded their store networks; for instance, grew from 95 to 145 outlets, while Wallis added over 50 stores, though Richards saw 77 locations closed with 50 rebranded. later faced its own challenges, entering administration in 2020, after which , who had acquired in 2002, lost control of the brands. By the , Outfit ceased trading in 2014. Following the administration, was acquired by in 2021 and continues online; was sold to an investor group and operates limited stores and online as of 2025; Wallis was sold to Boohoo Group in 2021 and operates online-only. Adams Childrenswear, a key brand, was sold by in 1999 to its management team in a valued at an undisclosed amount, allowing it to operate independently. The chain, which had over 200 stores at its peak, persisted through the but encountered financial difficulties, entering administration in 2007 and being rescued by a backed by John Shannon. It faced further administrations in 2008 and 2010, with store numbers declining significantly; by 2013, another administration led to widespread closures, though a reduced network of outlets continued until the brand effectively wound down operations in the mid-2010s. The home shopping and catalogue division, centered on , was sold to German mail-order giant Otto Versand (now ) in April 1999 for around £150 million. Rebranded as plc, it integrated with Otto's existing UK operations, including Grattan, to form Freemans Grattan Holdings, becoming the third-largest mail-order player in the with a 15% . The brand shifted toward online retail in the 2000s, discontinuing its physical catalogue in 2023 after 118 years to focus on , though it retained a presence under Otto's portfolio. Sports and leisure brands like Olympus and Millets had been divested prior to the acquisition, but Millets' trajectory under new ownership provides context for the sector's post-1999 evolution. Acquired by Blacks Leisure in 1999 for £50.8 million, Millets expanded to over 300 stores by the mid-2000s, emphasizing affordable outdoor gear. Blacks, including Millets, entered administration in 2012 and was purchased by Fashion for £28.8 million; JD rationalized the portfolio, closing around 90 stores but stabilizing the brand, which now operates as part of JD's outdoor division with a focus on value-driven retail.

Legacy and Impact

Sears plc played a pioneering role in consolidating the fragmented footwear retail market during the mid-20th century, transforming a disparate collection of independent manufacturers and chains into a dominant national entity. Founded as a shoe manufacturer in 1891, the company expanded aggressively through acquisitions, including Freeman Hardy & Willis in 1929—which brought over 700 shops and established it as the largest unit in the British footwear industry—and subsequent purchases of Manfield (200 shops in 1956) and Dolcis (250 shops in 1956). Under Charles Clore's leadership, these operations were integrated into the British Shoe Corporation (BSC) in 1956, creating a powerhouse with approximately 2,000 outlets by the 1960s and capturing about one-third of the footwear market. This consolidation model not only centralized production and distribution but also influenced the structure of modern footwear chains, such as , which later pursued similar strategies of integration and retail expansion in response to the competitive landscape shaped by BSC's dominance. The company's extensive property portfolio left a lasting legacy in UK commercial real estate, with many sites redeveloped into prominent shopping centers following divestitures in the late 20th century. By the 1970s, Sears had developed significant holdings through subsidiaries like Galliford Estates, including high-value freeholds such as 190 Oxford Street, which supported its retail operations and generated substantial revenue from sales and leases. Post-acquisition by Philip Green in 1999, former Sears properties, including those from BSC outlets, were often repurposed; for instance, sites in Solihull evolved into modern retail parks like Sears Retail Park, now a key out-of-town destination integrated into larger commercial hubs. These transformations underscored Sears' contribution to the evolution of UK shopping infrastructure, turning standalone stores into anchors for mixed-use developments. Economically, Sears plc was a major employer and market force, reaching a peak workforce of 65,000 employees following its 1965 acquisition of , which bolstered its retail footprint across shoes, clothing, and department stores. By the , employment had stabilized around 51,000, reflecting its scale as one of Britain's largest retailers with annual sales exceeding £2.16 billion. The company's stature propelled it into the upon its launch in 1984, where it remained a constituent until its deletion in December 1995, symbolizing its influence on the UK's blue-chip economy during a period of retail diversification. Historical coverage of Sears plc reveals notable gaps, particularly regarding brand revivals in the 2000s and detailed financials from before 1999, limiting comprehensive analysis of its post-acquisition trajectory. For example, while —distributed through BSC since the —saw its UK wholesale business transferred to in 1996, subsequent licensing efforts in the 2000s to revive the brand amid declining physical retail are sparsely documented, with records focusing more on sales to entities like Stylo plc rather than long-term revival strategies. Pre-1999 financial data, such as the £63 million cost of the 1965 Lewis's deal or property sales yielding £4 million in the , often rely on outdated corporate reports, complicating assessments of profitability amid market shifts. Culturally, Sears plc enhanced the UK's retail heritage through ownership of enduring icons like , which it acquired in 1965 and held until 1998, preserving its status as a luxury emblem synonymous with innovative department store experiences since 1909. ' flagship on became a symbol of aspirational shopping, introducing features like yellow bags in the that reinforced its iconic appeal. Similarly, the 1988 acquisition of elevated its role in catalogue retail evolution, positioning it as Britain's third-largest mail-order operation and facilitating the shift from print catalogues—distributed in over 1 billion copies since 1905—to digital platforms by the 2020s, influencing the broader transition to in .

References

  1. http://news.bbc.co.uk/2/hi/business/259993.stm
  2. https://www.theguardian.com/business/1999/jan/22/3
  3. https://find-and-update.company-information.service.gov.uk/company/00120271
  4. https://www.gracesguide.co.uk/Sears
  5. https://www.theguardian.com/business/2021/dec/24/selfridges-sale-one-more-chapter-in-luxury-brands-rollercoaster-history
  6. https://www.theguardian.com/business/1999/jul/09/marksspencer
  7. https://www.gracesguide.co.uk/J._Sears_and_Co
  8. https://www.fundinguniverse.com/company-histories/sears-plc-history/
  9. https://www.company-histories.com/SEARS-PLC-Company-History.html
  10. https://letslookagain.com/2015/11/freeman-hardy-willis/
  11. https://www.referenceforbusiness.com/history2/24/SEARS-PLC.html
  12. https://letslookagain.com/2015/11/one-foot-in-the-grave-j-sears-co/
  13. https://www.nber.org/system/files/chapters/c10277/c10277.pdf
  14. https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?article=1686&context=faculty_scholarship
  15. https://www.encyclopedia.com/books/politics-and-business-magazines/sears-plc
  16. https://www.gracesguide.co.uk/British_Shoe_Corporation
  17. https://letslookagain.com/2016/01/admirable-feat-lilley-skinner/
  18. https://www.theindustry.fashion/selfridges-the-history-of-ownership-of-a-retail-icon/
  19. https://www.company-histories.com/Selfridges-Plc-Company-History.html
  20. https://www.propertyweek.com/insight/property-legends-sir-charles-clore-1904-1979
  21. https://www.just-food.com/features/record-year-for-retail-acquisitions/
  22. https://www.evokeplc.com/who-we-are/our-history/
  23. https://www.independent.co.uk/news/business/strong-s-future-in-doubt-as-sears-reveals-pounds-120m-loss-1306546.html
  24. https://www.nytimes.com/1988/12/17/business/company-news-grand-met-acquiring-betting-outlet-chain.html
  25. https://www.independent.co.uk/news/business/hinchliffe-buys-sears-ailing-shoe-stores-1317612.html
  26. https://www.independent.co.uk/news/business/sears-takes-further-step-out-of-troubled-shoe-retailing-1290481.html
  27. https://www.designweek.co.uk/issues/12-february-1998/british-shoe-misses-its-step/
  28. http://news.bbc.co.uk/2/hi/business/134361.stm
  29. https://www.theguardian.com/business/1999/aug/13/21
  30. https://www.estatesgazette.co.uk/news/philip-green-makes-100m-killing/
  31. https://www.bloomberg.com/news/articles/2019-10-30/britain-s-billionaire-twins-shaking-up-opaque-business-empire
  32. https://www.heraldscotland.com/news/12357477.green-completes-sears-break-up/
  33. https://www.theguardian.com/business/1999/jan/20/11
  34. https://onesmartplace.com/the-british-high-street/
  35. https://www.british-shoe-corporation.co.uk/our-story
  36. https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/2783365/Why-the-old-shoe-retailers-are-on-their-uppers.html
  37. https://www.retail-week.com/shoe-zone/company-profile-footwear-retailer-shoe-zone/5046022.article
  38. https://buildingourpast.com/2020/12/16/multiple-multiples-disentangling-the-story-of-millets/
  39. https://fgh-uk.com/our-history/
  40. https://research-information.bris.ac.uk/files/34496358/380161.pdf
  41. https://www.gracesguide.co.uk/Shaw_and_Kilburn
  42. https://www.gracesguide.co.uk/Scottish_Motor_Traction_Co
  43. https://www.clara-pensions.com/members/
  44. https://www.fundinguniverse.com/company-histories/william-hill-organization-limited-history/
  45. https://www.bbc.com/news/business-55977587
  46. https://www.theguardian.com/business/2021/feb/08/boohoo-dorothy-perkins-burton-wallis-phillip-green-arcadia
  47. https://www.cbre.co.uk/property-search/retail-space/listings/details/GB-Plus-513856/sears-retail-park-oakenshaw-road-solihull-west-midlands-b90-4qy
  48. https://www.lseg.com/content/dam/ftse-russell/en_us/documents/policy-documents/ftse-100-constituent-history.pdf
  49. https://www.retail-week.com/selfridges-the-making-of-a-british-icon/5002138.article
  50. https://www.theguardian.com/business/2023/sep/14/after-1bn-copies-and-118-years-the-freemans-catalogue-moves-to-turn-its-final-page
Add your contribution
Related Hubs
User Avatar
No comments yet.