Sears Sells Craftsman Brand, Will Close 150 Stores [View all]

[mahatmakanejeeves]

Source: The Wall Street Journal.

Sears Sells Craftsman Brand, Will Close 150 Stores

The cash-strapped retailer will sell its iconic Craftsman brand to Stanley for about $900 million

By Anne Steele

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@AnneMarieSteele
http://twitter.com/AnneMarieSteele

Updated Jan. 5, 2017 9:48 a.m. ET

Sears Holdings Corp. said it would close another 150 stores and sell its Craftsman tool brand for $900 million, as the cash-strapped retailer continues to shrink and battle slumping sales.

Sears is flipping the Craftsman brand to Stanley Black & Decker Inc., and it will license back the ability to sell Craftsman-branded products royalty-free for 15 years after the deals closing. The acquisition gives Stanley the rights to develop, manufacture and sell Craftsman-branded products outside of Sears. ... Today just 10% of Craftsman-branded products are sold outside of Sears. Stanley Black & Decker said the deal will help boost Craftsman sales in untapped channels
....

A Sears spokesman confirmed the unlimited lifetime warranty on Craftsman hand tools made in the U.S.a hallmark of the brand for generationswill be kept in place.

On Wednesday, Sears announced sweeping closures of 150* of its namesake and Kmart storeswhich it called a difficult but necessary step as we take actions to strengthen the companys operations and fund its transformation.

* http://graphics.wsj.com/table/SEARS_0117

Read more: http://www.wsj.com/articles/sears-sells-craftsman-brand-to-stanley-black-decker-1483623215

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There's a list of the stores that are closing at the end of the article.

I think some Craftsman tools are already being made in the same country where Hello Twitty has his branded clothes made. At least, the ones I saw at an ACE Hardware came from China.

Tough times ahead. Better get used to it.

The good times are over.