Sears Sells Craftsman Brand To Stanley
Sears Holdings Corp. is trying to raise some cash by selling its Craftsman line to Stanley Black & Decker Inc.
Sears is doing all it can to stay afloat including selling the Craftsman name to Stanley Black & Decker for about $900 million. The Chicago Tribune reports Stanley will pay $525 million at closing, $250 million after three years, and make annual payments on new Craftsman sales for 15 years. Sears is also looking to sell Kenmore and DieHard brands.
Sears introduced Craftsman in 1927 and is still advertised as having an unlimited lifetime warranty that requires no receipt or dated proof of purchase. Will Stanley Black & Decker will continue to stand behind the product as Sears did?
Sears Holdings Corp also owns K-Mart just announced a slew of store closures. WIBX tells us that K-Mart in New Hartford will also close its doors.