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 7, 1997
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)
3333 Beverly Road, Hoffman Estates, Illinois 60179
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 286-2500
Item 5. Other Events.
In June 1996, the Financial Accounting Standard Board issued Statement of
Financial Accounting Standard (SFAS) No. 125, "Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities." This
statement provides consistent guidance for distinguishing transfers of
financial assets (securitizations) that are sales from transfers that are
secured borrowings and is effective for securitizations occurring after
December 28, 1996 (the last day of Sears fiscal year). SFAS No. 125
requires Sears to recognize a gain on securitizations which qualify as
sales. Sears anticipates an increase of approximately $100 to $150 million
in 1997 earnings to result from the recognition of gains on receivables
expected to be sold after December 28, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this amendment to be signed on
its behalf by the undersigned thereunto duly authorized.
SEARS, ROEBUCK AND CO.
Date: January 7, 1997 By:/S/Alan J. Lacy
ALAN J. LACY
Executive Vice President and
Chief Financial Officer
