Sears is actually Selling Its Iconic Craftsman Tools Brand after 0 Years
Sears announced today which which has agreed to sell the Craftsman brand to Stanley Black & Decker after controlling the iconic name in tools for 0 years. Stanley Black & Decker, which also produces DeWalt tools, plans to expand the number of stores selling Craftsman, as only 10 percent of Craftsman products are currently sold in stores some other than Sears, according to the Associated Press. Sears will continue to sell Craftsman tools.
Sears has been struggling for years, with both its revenue along with stock value dropping over the past 12 months. The department store also announced today which which will be closing 150 of its 1500 stores across the Americas.
The move is actually an attempt by Sears Holding Corp. to inject cash into the flagging company. Stanley is actually purchasing the Craftsman brand for about $900 million total, according to the AP. The terms of the sale include $525 million to be paid which year when the deal closes along with $250 million after the third year; in addition, Sears will receive a percentage of Stanley’s Craftsman sales for 15 years. After which time, Sears will start paying Stanley a percentage of its own Craftsman sales.
The sale is actually truly the end of an era, as both Sears along with Craftsman have been associated with American manufacturing along with—ahem—craftsmanship for almost a century. The tool brand along with the store which sells which are practically synonymous.
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nevertheless the move could end up benefiting all parties. Both Sears along with Stanley saw a modest bump to their shares in Thursday’s midday trading, raising 6.0 along with 1.4 percent. along with Stanley has announced which which plans to open a completely new U.S. plant along with hire workers to make more Craftsman tools, according to AP, nevertheless details about the plant are not yet available.
which story originally appeared on well-known Mechanics.