Sounds like a Weaver V8 scope -- they had the adjustments in the rings. I don't remember any sold as Sears, but a quick Google came up with this:
http://www.ebay.com/itm/VINTAGE-SEAR...-/131491599294
I had the Weaver V8 some years ago. Was very functional. If I remember correctly, you have to back off the screw in the front ring to allow the scope to move, when adjusting it.
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