Sears selling off craftman name brand



Sears Holdings Corp. agreed to sell its Craftsman tool brand to Stanley Black & Decker Inc. for about $900 million, marking Chief Executive Officer Edward Lampert’s third move in the last two weeks to prop up the beleaguered retailer with fresh sources of funding.

Stanley will pay $525 million at closing and $250 million after three years, the companies said in a statement Thursday. The buyer also will make annual payments on new Craftsman sales for 15 years........

With Sears’s department-store business continuing to bleed cash, Lampert has turned to selling and spinning off assets to keep the company operating......

Sears also has been reviewing its DieHard batteries and Kenmore appliance brands for potential sales.......

Separately, Sears said it’s closing 150 more stores, part of a program to shrink the retailer’s physical presence to stem its continued losses. The company posted another grim sales report Thursday, with comparable-store sales declining 12 percent to 13 percent during the holiday period..........

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