Sears to Close 150 More Stores, Sells Craftsman Brand
Sears has been struggling for a few years now, and matters weren’t helped by a less-than-stellar holiday season for the retailer. The department store chain is trying to avoid bankruptcy with a new plan, closing 150 more stores — including 108 Kmart locations — and selling its Craftsman brand to raise cash. USA Today reports the ailing retailer has reached a deal to sell the tools brand to Stanley Black & Decker for $900 million. The sale comes just months after Sears put the Craftsman, Kenmore and DieHard brands up for sale in hopes to kick-start a long-awaited turnaround. Earlier this week, Sears said it will be closing 30 Kmart locations and 16 Sears stores.
Total Retail’s Take: It looks like 2017 won’t be Sears’ year either. After the retailer’s many setbacks, it’s still in a downward spiral, even after the news that company CEO and Chairman Edward Lampert gave the company access to $500 million in secured loans. Will Sears survive 2017 is a question many retail industry analysts are asking themselves.