Class action lawsuit filed against Sears, Roebuck & Co

Business Wire, April 21, 1997

PHILADELPHIA--(BUSINESS WIRE)--April 21, 1997--A class action lawsuit captioned "Jean Mullin v. Sears, Roebuck & Co., et al.," Civil Action No. C 97 2717 was filed in Chicago in the United States District Court for the Northern District of Illinois, Eastern Division (the "Court") on behalf of a Class (the "Class"), consisting of purchasers of the common stock of Sears, Roebuck & Co. ("Sears") during the period Jan. 30, 1997 through April 10, 1997 inclusive (the "Class Period").

We anticipate that the Class Period will be expanded to include such purchasers from April 16, 1994 through April 10, 1997.

The complaint alleges that Sears and three of its senior officers, James A. Blanda, Alan J. Lacy and Arthur Martinez, in violation of the federal securities laws, materially misled investors throughout the Class Period by failing to disclose a business practice which violated the federal bankruptcy laws.

At the close of the Class Period, it was announced that Sears was going to repay upwards of $412 million to Chapter 7 bankruptcy debtors nationwide whose "debt reaffirmations" were obtained illegally by Sears.

If you are a member of the Class described above, you may, no later than 60 days from today, move the court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.

Plaintiffs are represented by Savett Frutkin Podell & Ryan, P.C. which has significant experience and expertise in prosecuting class actions on behalf of investors and shareholders.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Stuart H. Savett, Robert P. Frutkin or Katharine M. Ryan of Savett Frutkin Podell & Ryan, P.C., 320 Walnut St., Suite 508, Philadelphia, PA 19106, 800/993-3233.

CONTACT: Savett Frutkin Podell & Ryan, P.C.

Stuart H. Savett, Robert P. Frutkin or Katharine M. Ryan,

800/993-3233