Sears To Shutter Additional 150 Stores, Unload Craftsman Brand For $900M
Sears Holdings will close an additional 150 stores and plans to sell its Craftsman tool brand to Stanley Black & Decker for $900M.
In what the retailer is calling a “difficult but necessary step,” the company said it will close 150 Sears and Kmart stores that have been struggling financially for years in an effort to return to profitability, the Wall Street Journal reports. The deal follows Sears CEO Eddie Lampert's plans to lend the retailer an additional $500M to cover operational costs and financial obligations as it continues to shrink its footprint due to declining sales. Sears shares jumped 3.5% in midday trading, while Stanley Black & Decker shares rose 1.8% following the announcement. [WSJ]