Sears installs price-check technology; completes syndicated bank facility

By Staff -- Home Textiles Today, 5/18/2004 12:00:00 AM

HOLTSVILLE, N.Y. — Sears, Roebuck and Co. has deployed an in-store price-check solution based on the Symbol MK 2000 Micro Kiosk from Symbol Technologies, Inc. that enables customers to self-scan items to verify prices.

Sears is featuring the technology at its approximately 870 full-line stores in the United States and Puerto Rico.

Pedestal, pole or wall-mounted with a touch screen, the Symbol MK 2000 acts as an information station. By allowing shoppers to self-check the price of an item within an aisle, Sears hopes to speed the checkout process. By reducing the volume of price checks at checkout, Sears hopes for productivity gains, as fewer items need to be restocked, stated the company.

"At Sears, we are focused on our customers. The Symbol MK 2000's inherent computing intelligence and intuitive interface easily lets shoppers access the information they need, quickly and effectively," said Mike LeRoy, Sears director of retail systems. "The Symbol MK 2000 is yet another way Symbol is helping us offer customers an enhanced shopping experience and driving customer loyalty."

In other Sears news, the company’s wholly owned finance subsidiary, Sears Roebuck Acceptance Corp. (SRAC), has successfully completed a new $2 billion syndicated bank facility.

The committed 3-year unsecured revolving credit facility will replace SRAC's current 364-day facility, which was scheduled to expire later this month. The new facility will be used to support SRAC's commercial paper program, as well as being available for general corporate purposes.

"We are very pleased to have received excellent participation from the financial community in this transaction," said Glenn Richter, Sears' executive vice president and chief financial officer. "The facility was significantly oversubscribed, which allowed the company to increase the size of the facility by a third from an initial $1.5 billion target at launch. The strong sponsorship of this transaction demonstrates confidence in Sears' future and its solid financial condition."