SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 17, 1995
SEARS, ROEBUCK AND CO.
(Exact name of registrant as specified in charter)
New York 1-416 36-1750680
(State or Other (Commission (IRS Employer
Jurisdiction of (File Number) Identification No.)
Incorporation)
Sears Tower, Chicago, Illinois 60684
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312)
875-3000
<PAGE>
Item 5. Other Events.
On January 17, 1995, the Registrant's subsidiary The
Allstate Corporation issued the press release attached
hereto as Exhibit 99.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
99. Press release of The Allstate Corporation issued
January 17, 1995.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned
thereunto duly authorized.
SEARS, ROEBUCK AND CO.
Date: January 17, 1995 By: /S/ JAMES M. DENNY
JAMES M. DENNY
Vice Chairman and Acting
Chief Financial Officer
<PAGE>
EXHIBITS
99. Press release of The Allstate Corporation issued
January 17, 1995.
<PAGE>
Exhibit 99
The Allstate Corporation
NEWS
FOR MORE INFORMATION
Allstate Media
Relations
708-402-5600
FOR IMMEDIATE RELEASE
ALLSTATE INCREASES CALIFORNIA EARTHQUAKE
ESTIMATE TO $1.5 BILLION
Northbrook, Ill., January 17, 1995--The Allstate
Corporation (NYSE: ALL) announced today that it has
increased its loss estimate for the California earthquake to
$1.5 billion from $1.3 billion. Based on this estimate, the
after-tax impact on Allstate earnings is expected to be $975
million in 1994. The company noted that the establishment
of estimated losses is an inherently uncertain process and
there can be no assurance that ultimate losses will not
exceed this estimate.
The increased estimate reflects higher severities
(average cost per claim) primarily due to structural damage
from continued shifting and compacting of the soil and sub-
soil as a result of ongoing seismic activity. Total
Allstate claims continue to be estimated at approximately
45,000.
Allstate Chairman and Chief Executive Officer Jerry
Choate said, "The past 18 months have been a difficult
period for both homeowners and insurers in California.
Between the earthquake, fires and flooding, rebuilding the
area has been a rigorous, constant and costly challenge."
Choate added, "Allstate and the insurance industry
continue to actively work with regulators and legislators to
find workable solutions to losses from catastrophic events
in California."
Allstate plans to report fourth quarter and year-end
1994 results in early February. The after-tax impact of the
revised California earthquake losses on Allstate's
fourth-quarter earnings will be $130 million in 1994, or 29
cents per share. In the fourth quarter, strong operating
results continued in the core property, liability and life
insurance businesses. Excluding the impact of the
California earthquake, fourth quarter 1994 results are
expected to exceed fourth quarter 1993 net income of $259
million.
The Allstate Corporation is the parent of Allstate
Insurance Company, the nation's largest publicly held
property and casualty insurance company, with more than 20
million customers and approximately 14,700 full-time agents
in the U.S. and Canada. Allstate is also a major life
insurer. Sears, Roebuck and Co. established Allstate in
1931 and currently owns 80.1 percent of the company.
