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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
Home / Markets / Industries / Retail
Wednesday, July 02, 2008
Sears Announces Relocation of Dealer Store in Okotoks, Alberta
Comtex
OKOTOKS, AB, Jul 2, 2008 (Canada NewsWire via COMTEX) ----Sears Canada today announced that the Sears Dealer Store in Okotoks, Alberta has relocated to 27 Mc Rae Street (Bay B). The 4,130 sq. ft. store will continue to offer a great merchandise assortment which includes major appliances, lawn and garden items, furniture, fitness and seasonal products, electronics, vacuum and sewing items, and Sears best selling full-line national brands.
The dealer store is owned and operated by Ms. Stacy Wilson. The store will offer the Okotoks community a broad selection of quality merchandise supported by Sears satisfaction guarantee, and excellent customer service.
"We are personally committed to satisfying our customers before and after each and every sale," says Ms. Wilson. "Customers will be delighted with the broad range of top-quality products Sears has provided for the new store, including brand names like Kenmore and Craftsman."
While the Dealer Store is locally owned and operated, all merchandise sold is supported by Sears Satisfaction Guarantee, as well as Sears extensive Parts and Service Division, the largest service network in Canada. In addition, the Store features Sears and third-party credit card acceptance and a Sears Catalogue merchandise pick-up location. Sears has installed systems that enable purchases made through the Dealer Store to be reserved immediately and delivery dates arranged according to each customer's preference.
The newly relocated Sears Dealer Store is open Monday to Wednesday 9:30 a.m. to 5:30 p.m., Thursday 11:00 a.m. to 7:00 p.m., Friday 9:30 a.m. to 5:30 p.m., Saturday 10:00 a.m. to 4:00 p.m., and is closed on Sunday.
Sears Canada is a multi-channel retailer with a network of 197 corporate stores, 182 dealer stores, 47 home improvement showrooms, over 1,800 catalogue merchandise pick-up locations, 106 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca.
SOURCE: Sears Canada Inc.
Stacy Wilson, Sears Dealer Store, (403) 938-4458; Maria Ganogiannis, Sears Canada Inc., (416) 941-4427, mganogi@sears.ca
Copyright (C) 2008 CNW Group. All rights reserved.
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