Sears plc
| Company type | Public limited company (former) |
|---|---|
| Industry | Retail, Conglomerate |
| Founded | 1891 |
| Founder | John Sears, William Sears |
| Fate | Acquired by Philip Green in 1999; dismantled thereafter |
| Headquarters | United Kingdom |
Area served | United Kingdom, United States |
Key people | Charles Clore (acquirer, mid-20th century), Philip Green (owner from 1999) |
| Products | Footwear, Department stores, Clothing, Jewellery, Sports and Leisure goods, Engineering services, Automotive sales and services |
Number of employees | Approximately 3,000 (mostly leasehold retail outlets) |
Sears plc was a prominent British conglomerate listed on the London Stock Exchange and previously included in the FTSE 100 Index. Acquired in the 1950s by Charles Clore, he transformed it into one of the United Kingdom's leading retail groups. In 1999, ownership transferred to Philip Green, who managed its subsequent dismantling.
History
Established in 1891 by John and William Sears, initially as bootmakers operating under the Trueform brand, the enterprise grew by acquiring other companies, including the footwear retailer Freeman, Hardy and Willis in 1929.
Charles Clore's Acquisition
By 1953, Sears operated more than 900 outlets when Charles Clore purchased the company for £4 million. The following year, Sears acquired Haverton Holdings for £3.5 million, gaining control over Furness Shipbuilding and Bentley Engineering. Renamed Sears Holdings in 1955, Clore expanded the retail presence further by adding the Manfield and Dolcis chains in 1956, increasing the number of stores to nearly 1,500.
Formation of British Shoe Corporation and Expansion
In the late 1950s, Clore unified various shoe brands under the British Shoe Corporation, acquiring Saxone Lilley & Skinner—which operated over 500 stores—in 1962. The group diversified beyond footwear by purchasing Scottish Motor Traction Company for £1.7 million in 1959 and raising its stake in jeweler Mappin & Webb to 98% with a £3 million investment the same year. Mappin & Webb subsequently acquired Garrard & Co., the Crown Jeweller, for close to £1 million. Sears also made an unsuccessful £20 million bid for brewer Watney Mann in 1959. By the end of that year, business operations were segmented into British Shoe Corporation; Engineering; Motor Distribution; and Mappin & Webb divisions.
In 1964, Sears entered the US market by acquiring linen hire company Consolidated Industries—later renamed Sears Industries—which went on to purchase knitwear manufacturer Highlander.
Acquisition of Lewis's and Selfridges
The company ventured into department store retailing in 1965 by purchasing Lewis's Investment Trust, owner of Selfridges, for £63 million. In 1966, Selfridges introduced the Miss Selfridge department, which eventually evolved into an independent chain of stores.
Following considerable financial setbacks, Charles Clore sold Furness Shipbuilding to the Swan Hunter group for £2.5 million in October 1968 while maintaining a minority interest.
Further diversification occurred in 1971 with the acquisition of bookmaker chain William Hill, and by 1973 Sears gained full ownership of Mappin & Webb. Additionally, it secured a 20% shareholding in luxury goods firm Asprey & Co.
Housebuilding and Clore's Departure
By January 1975, Sears had diversified into various sectors, encompassing footwear retail and manufacturing through entities such as British Shoe Corporation and Curtess; department stores including Selfridges, Miss Selfridge, Lewis's, and Robinson & Cleaver; engineering operations; motor vehicle sales and servicing with companies like SMT Sales and Service, Ritchies, Shaw & Kilburn, and Gilbert Rice; jewellery retail via Mappin & Webb, Garrard & Co, and Arthur Conley & Son; licensed betting through William Hill; linen hire and industrial laundry services under Sears Industries; knitwear production with Highlander; as well as other businesses like Liverpool-based bakery S Reece & Sons. The group held a 20 to 30 percent ownership in the Freemans mail order company and maintained a 6 percent share in Swan Hunter. Additionally, at the end of the year, Sears expanded into housebuilding by acquiring Galliford Estates.
Clore stepped down from his role as chairman in 1976, with solicitor Leonard Sainer taking over leadership.
Sports and Leisure
In 1980, Sears extended its portfolio by purchasing the clothing retailer Wallis, followed by the acquisition of the US-based Butler Shoe Corporation in 1981. The company divested Sears Industries in January 1982. That same year, the jewellers Conley were rebranded as Walker & Hall. Furthermore, in 1983, Sears acquired a 20 percent interest in Central Independent Television.
Men's Retail
By 1985, Sears had established itself as the largest shoe retailer in Britain. That year also saw the acquisition of Foster Brothers Clothing, which owned Adams Childrenswear and Millets outdoor retailer. Subsequently, the company rebranded as Sears plc, encompassing brands such as 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.
In April 1986, Sears invested £6 million to support a management buyout of Mallett Antiques, acquiring a 50 percent stake that was later reduced to 26 percent following its public listing in March 1987.
The menswear retailer Horne Brothers was purchased for £34 million in July 1987.
Freemans Catalogue
In 1988, Sears completed the full acquisition of Freemans for £480 million, positioning itself among the largest retail groups in the UK. This purchase allowed Freemans to incorporate popular high street brands into its catalogue offerings.
Divestments
During the period from 1986 to 1987, Sears undertook restructuring by divesting or closing its engineering divisions and selling its motor vehicle group to Lex Services for £86 million. The company also relinquished its stake in Central Independent Television in 1986.
The Lewis's department store chain and Butler group were sold off in 1988, although Sears retained ownership of Lewis stores located in Glasgow and Hanley. In December of that year, William Hill was sold for £331 million. By 1989, Sears had divested its investment in Mallett Antiques and announced its exit from housebuilding in October, initiating the disposal of property assets.
In July 1990, Mappin & Webb and Garrard were sold to Asprey plc in exchange for a 38.5 percent shareholding in the enlarged company.
By May 1992, Sears had exited menswear retail with the sale of Fosters in September and completed its departure from housebuilding through the sale of Galliford in April 1993. It also acquired Richard Shops in October 1992.
In August 1995, Freeman Hardy Willis, Manfield, and True Form were sold to Facia plc under entrepreneur Stephen Hinchliffe’s ownership, followed by Olympus Sports being sold in October.
By 1996, Sears plc consisted of divisions including Footwear (brands such as Shoe Express, Shoe City, Saxone, Dolcis, Curtess, Roland Cartier, Cable & Co, Hush Puppies, Lilley & Skinner); Home Shopping (Freemans); Selfridges department stores; Sears Clothing (featuring Richards, Wallis, Warehouse, Miss Selfridge, Adams Childrenswear, The Outfit); and Sears Group Properties (which included The Selfridges Hotel and part ownership of The St. Enoch Shopping Centre in Glasgow). The company managed approximately 3,000 mostly leasehold retail outlets alongside freehold properties like flagship stores at 190 Oxford Street and 330 Oxford Street (Topshop). Other business activities included SearsCard and Sears Retail Services.
Dissolution of the British Shoe Corporation
In February 1996, the group divested Saxone and Curtess to Facia. Shortly thereafter, Facia went into administration, leading Sears to reclaim leases for 380 outlets. By August 1996, the Hush Puppies retail operations were transferred to Stylo plc, while the wholesale segment was acquired by Wolverine World Wide. By early 1998, the residual assets of the British Shoe Corporation were sold at an accounting deficit of £150 million. In 1997, various shoe concessions changed hands: Nine West purchased some for £9 million; Dolcis was sold to Alexon Group; a consortium led by Philip Green acquired Shoe Express; Shoe City was transferred to Belgian firm Brantano; and Cable & Co was also sold to Nine West.
The sale of Millets in March 1996 marked the end of the Sports & Leisure division, and Selfridges was spun off in July 1998.
Philip Green’s Takeover
January Investments, acting on behalf of Philip Green, acquired Sears plc in January 1999 for £548 million. The company was removed from the London Stock Exchange in March 1999 and subsequently re-registered as a private entity under the name Sears Limited in April 1999. After this transition, Freemans plc and Creation Financial Services (previously SearsCard) were divested, leaving only Sears Clothing and Sears Properties within the portfolio.
The womenswear division—comprising Warehouse, Richards, Wallis, Outfit, and Miss Selfridge—was sold to Arcadia Group for £151 million. Subsequently, Philip Green took control of Arcadia Group itself, thereby regaining ownership of Wallis and Miss Selfridge along with its other brands (noting that Arcadia had discontinued Richards and sold Warehouse to Rubicon Retail).
Footwear Retailers and Manufacturers
- True Form (1891–1995)
- Freeman Hardy Willis (1929–1995)
- Curtess (1954–1996)
- Manfield (1956–1995)
- Dolcis (1956–1997)
- Saxone (1962–1996)
- Lilley & Skinner (1962–unknown)
- Bertie
- Butler Shoe Corporation (1981–1988)
- Shoe City (1980s–1997)
- Shoe Express (1987–1997)
- Roland Cartier
- Shoe Connection (1995–1997)
- Cable & Co (1988–1998)
- Hush Puppies (until 1996)
Department Stores
- Robinson & Cleaver (from 1956)
- Lewis's (1965–1988)
- Selfridges (1965–1998)
- Miss Selfridge (1966–1999)
Clothing Brands
- Wallis (1980–1999)
- Miss Erika
- Foster Brothers Clothing (1985–1992)
- Your Price
- Adams Childrenswear (from 1985)
- Outfit (until 1999)
- Warehouse (until 1999)
- Horne Brothers (from 1987)
- Richards (1992–1999)
Sports and Leisure
- Olympus Sports (1978–1995)
- Millets (1985–1996)
Engineering Firms
- Furness Shipbuilding Company (1954–1968)
- Bentley Engineering (from 1954)
Automotive Sales and Services
- SMT Sales and Service (1959–1987)
- Ritchies (until 1987)
- Shaw & Kilburn (until 1987)
- Gilbert Rice (until 1987)
Jewellery Retailers and Others
- Mappin & Webb (1959–1990)
- Garrard & Co (1959–1990)
- Arthur Conley & Son (later known as Walker and Hall)
- S Reece & Sons
Licensed Betting Offices
- William Hill (1971–1988)
Linen Rental, Industrial Laundry Services, and Knitwear Production
- Consolidated Industries, later renamed Sears Industries (1964–1982)
- Highlander
House Construction
- Galliford (1975-1993)
Home Retail
- Freemans (1988-1999)
Miscellaneous
- SearsCard (1973-1999)
Brands Following Sears' Closure
Despite encountering financial challenges and undergoing several administrations during the late 2000s, Adams Childrenswear, operating under the name 'Adams Kids', continued to maintain a presence on the high street until 2010. Prior to its subsequent administration in 2010, a portion of the chain and brand was acquired by John Shannon, former chairman of Stead & Simpson. The Adams brand persists today as an online enterprise.