Sears Holdings Corp. is seeking to stop its bleeding and raise more cash by closing another 104 stores and selling its iconic Craftsman tools brand.
The struggling retailer said it has reached an agreement to sell Craftsman to Stanley Black & Decker for a net present value of about $900 million, including future royalty payments. Sears, which will continue to sell Craftsman products, had put the brand, along with its Kenmore and DieHard brands, up for sale several months ago.
Sears also said it planned to close 104 stores, including 78 Kmart stores and 26 Sears stores, during the next few months. The new store closings come about a week after the retailer announced separate plans to close 30 Kmart stores and 16 Sears stores.. . . more