Sears announces 150 store closures, sells Craftsman brand
  • 7 years ago
Sears announced it will close 150 more stores and sell its Craftsman tool brand for $900 million, in effort to rebound from plummeting sales. The retailer is merging the brand with Stanley Black & Decker Inc., which will have the rights to resell Craftsman items for next 15 years. Currently, only 10 percent of Craftsman items are sold outside of Sears, the Wall Street Journal reports. Stanley Black & Decker expects Craftman sales to contribute $100 million over the next decade.
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