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SEARS COMPLETES SALE OF COLDWELL BANKER RESIDENTIAL

 CHICAGO, Oct. 5 /PRNewswire/ -- Sears, Roebuck and Co. today announced that it has completed the sale of its Coldwell Banker Residential Group to the Fremont Group (formerly Bechtel Investments, Inc.) for an undisclosed amount. Senior management executives at Coldwell Banker, led by Chairman Chandler Barton, participated in the purchase.
 The company, now known as Coldwell Banker Corp., remains headquartered in Mission Viejo, Calif. The principal operating divisions of the company, including Coldwell Banker Residential Affiliates, Inc. (franchise operations); Coldwell Banker Residential Brokerage (company-owned operations); and Coldwell Banker Relocation Services, Inc., will remain intact.
 Coldwell Banker has over 2,100 residential real estate offices and over 50,000 sales associates and employees in North America. Coldwell Banker, founded in 1906, was purchased by Sears in 1981.
 The Fremont Group is a private investment company managing in excess of $4 billion in assets. Headquartered in San Francisco, Fremont Group activities include direct investments in several operating companies, venture capital funds, real estate, energy and financial services including the publicly traded family of Fremont Mutual Funds.
 The announcement comes on the one-year anniversary of Sears announcement to reposition the corporation.
 On Sept. 29, 1992, Sears Chairman and Chief Executive Officer Edward A. Brennan announced plans to open up ownership of its major financial services businesses to the public and to focus on retail and insurance. "We have achieved our objectives over the past 12 months by enhancing shareholder value, by enabling investors to participate directly in Sears successful financial services businesses, and by reducing corporate debt by about $4 billion," Brennan said.
 Brennan said the final component of the repositioning program, the sale of Sears Mortgage Banking Group to PNC Bank Corp., will be completed by the end of the year.
 -0- 10/5/93
 /CONTACT: Gerald E. Buldak of Sears, 312-875-8371; Carol Beekman, of Coldwell Banker, 714-367-2446, or Jeff Berger for the Fremont Group, 415-768-0326/


CO: Sears, Roebuck and Co.; Coldwell Banker Residential Group;
 Fremont Group ST: Illinois IN: FIN SU: TNM


SM -- NY067 -- 8982 10/05/93 15:23 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
Words:339
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