Not sure about Sears policy TODAY but about a year ago I took some sockets back for replacement. They would NOT give me a replacement but instead called up someone, handed me the phone and I gave the lady my socket part #'s. She gave me a confirmation number and they mailed them to me!!
...Then, after I hung up the phone I ask the guy to replace a Gearwrench. Dang, he dialed another number as he said Sears did not warrantee them. Again, he handed me the phone, I gave the lady the numbers off the Gearwrenches and she gave me a confirmation number and then they arrived in the mail about a week later. Seems Sears in Spartanburg,S.C. doesn't "replace" anything. However, they did keep all the broken stuff I took in.