Sears, Roebuck and Company, colloquially known as Sears, is an American chain of department stores founded by Richard Warren Sears and Alvah Curtis Roebuck in 1892, reincorporated (a formality for a history-making consumer sector initial public offering) by Richard Sears and new partner Julius Rosenwald in 1906. Formerly based at the Sears Tower in Chicago and currently headquartered in Hoffman Estates, Illinois, the operation began as a mail ordering catalog company and began opening retail locations in 1925. The first location was in Evansville, Indiana. The company was bought by the management of the American big box chain Kmart in 2005, the Kmart management formed Sears Holdings upon completion of the merger. In terms of domestic revenue, Sears was the largest retailer in the United States until October 1989, when Walmart surpassed the record. As of 2017, Sears is the 23rd largest retailer in the United States overall. Sears had divisions in Canada (which folded in January 2018), Mexico and Puerto Rico, but were sold as well as several other subsidiaries within its brand.