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Wordcount: 752
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Changing the Business Culture at Sears, Roebuck and Company
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1992 was financially a terrible year for Sears, Roebuck and Company. On $52.3 billion in sales, the company reported a net loss of $3.9 billion. The merchandising group’s net loss was $3 billion alone (Rucci, Kirn, and Quinn, 1998).
The turnaround
Arthur Martinez, then head of the merchandising group (Martinez became CEO of Sears in August of 1995), initiated a comprehensive turnaround plan that produced spectacular results. In 1993, sales increased by 9% and net income was $752 million. Often, however miracle turnarounds of this nature are only skin deep, and maintaining a record of excellent performance is short-lived. Martinez was determined that this not be the case with Sears.
Changing a business culture
In order to insur
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