It's the end of an era for Sears. The struggling retailer is selling its iconic Craftsman brand to tool maker Stanley Black & Decker. But for those of you who still shop at Sears and love the Craftsman brand, fear not. Sears will continue to sell Craftsman tools in its stores. Sears will get $525 million from Stanley Black & Decker (SWK) once the deal closes, another $250 million at the end of the third year and a percentage of annual payments of new Craftsman sales for the next 15 years.
That brings the total value of the deal to about $900 million.
It is cash that Sears, which also owns Kmart, sorely needs. And Sears (SHLD) stock surged as much as 8% on the news before pulling back. Sears also announced plans to close 150 more of its struggling Kmart and flagship Sears stores. The company has reported declining sales for years. It has been bleeding red ink as a result.
Sears was once an icon of American retail. It was in the Dow Jones Industrial Average and lent its name to the famous tower in Chicago. But Sears was removed from the Dow in 1999 and that big building in the Windy City is now known as the Willis Tower.
Sears CEO Eddie Lampert was forced to deny bankruptcy rumors last year due to the company's massive debt load.
Sears first announced last May that it was considering the sale of its so-called KCD lineup of in-store brands -- Kenmore, Craftsman and DieHard -- in an effort to raise cash.
The company said at that time it was looking at strategic alternatives for its Home Services installation and repair businesses as well.
Rumors of Stanley Black & Decker's interest in Craftsman first began to circulate last October.
In a statement Thursday, Stanley Black & Decker CEO James Loree said his company will increase the availability of Craftsman products through other retailers (brick and mortar and online) as well as through industrial partners.
They were the fucking KING of mail order and retail for decades. My uncle worked at their corporate for something like 47 years before he retired.My and my brother's names are written on the last girder installed at the top of the Sears Tower (Chicagoans still call it the Sears Tower. We HATE the Willis name). Employees were allowed to sign their names and write stuff on it. So I got that going for me.
My house is full of Kenmore and Craftsman stuff. Always had good luck with both. And I used to use Diehard batteries in my Beetle and 'Rocco.
Where are these mangos?
Detroit wrote: ↑Fri Apr 16, 2021 1:19 pm
I don't understand anything anymore.
Big Brain Bradley wrote:
Me too man, kind of a sad day
They were the fucking KING of mail order and retail for decades. My uncle worked at their corporate for something like 47 years before he retired.My and my brother's names are written on the last girder installed at the top of the Sears Tower (Chicagoans still call it the Sears Tower. We HATE the Willis name). Employees were allowed to sign their names and write stuff on it. So I got that going for me.
My house is full of Kenmore and Craftsman stuff. Always had good luck with both. And I used to use Diehard batteries in my Beetle and 'Rocco.
I worked for Sears for 3 years... I am glad I am out... there is major and going on there... Eddie Lampert is doing some insane shit with the company that no one really understands even at the highest levels.
Big Brain Bradley wrote:
Me too man, kind of a sad day
They were the fucking KING of mail order and retail for decades. My uncle worked at their corporate for something like 47 years before he retired.My and my brother's names are written on the last girder installed at the top of the Sears Tower (Chicagoans still call it the Sears Tower. We HATE the Willis name). Employees were allowed to sign their names and write stuff on it. So I got that going for me.
My house is full of Kenmore and Craftsman stuff. Always had good luck with both. And I used to use Diehard batteries in my Beetle and 'Rocco.
"percentage of annual payments of new Craftsman sales for the next 15 years"
like the company will even exist in 5. The next downturn will be the end. Black and Decker got a good deal as far as I can tell. The Crafstman brand is strong. If they don't fuck it up, that's a solid buy.
Desertbreh wrote: ↑Tue Oct 10, 2017 6:40 pm
My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
wap wrote:
They were the fucking KING of mail order and retail for decades. My uncle worked at their corporate for something like 47 years before he retired.My and my brother's names are written on the last girder installed at the top of the Sears Tower (Chicagoans still call it the Sears Tower. We HATE the Willis name). Employees were allowed to sign their names and write stuff on it. So I got that going for me.
My house is full of Kenmore and Craftsman stuff. Always had good luck with both. And I used to use Diehard batteries in my Beetle and 'Rocco.
Sears should have become Amazon.
Exactly. Dat lack of visionary thinking
Remember Bell & Howell? They were once the king of 8 and Super8 mm home movie cameras and projectors. My mom used to work for them. In the late 70's they made the decision to NOT GO INTO HOME VIDEO. Their top brass didn't see a future in it and thought celluloid film in 3 minute and 20 second cartridges would always be the answer.
Where are these mangos?
Detroit wrote: ↑Fri Apr 16, 2021 1:19 pm
I don't understand anything anymore.
Remember Bell & Howell? They were once the king of 8 and Super8 mm home movie cameras and projectors. My mom used to work for them. In the late 70's they made the decision to NOT GO INTO HOME VIDEO. Their top brass didn't see a future in it and thought celluloid film in 3 minute and 20 second cartridges would always be the answer.
Kodak? I
4zilch wrote: ↑Mon Apr 12, 2021 8:46 am
I'm a fucking failure.
Melon wrote:Sears is a classic example of a company that didn't change with the times.
If wimmen went shopping and I was there, Sears was my go-to escape.
Dem toolz, so many home project possibilities.
No it is a prime example of when a Private equity firms buys you out for your real estate and then milks you to death and picks you apart piece by piece.
Also shows you that amazon will kill all of retail eventually...
There is no money in retail. I spent 10 years of my career in finance orgs of fortune 50 retailers...
wap wrote:
They were the fucking KING of mail order and retail for decades. My uncle worked at their corporate for something like 47 years before he retired.My and my brother's names are written on the last girder installed at the top of the Sears Tower (Chicagoans still call it the Sears Tower. We HATE the Willis name). Employees were allowed to sign their names and write stuff on it. So I got that going for me.
My house is full of Kenmore and Craftsman stuff. Always had good luck with both. And I used to use Diehard batteries in my Beetle and 'Rocco.
Sears should have become Amazon.
Amazon hasn't made money in retail for as long as they have been in business... they are held to a different standard (Ie don't have to deliver any kind of bottom end and sell at a loss 24/7) and have no retail outlets that bleed cash since ppl just buy everything online.
Desertbreh wrote: ↑Tue Oct 10, 2017 6:40 pm
My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
Amazon hasn't made money in retail for as long as they have been in business... they are held to a different standard (Ie don't have to deliver any kind of bottom end and sell at a loss 24/7) and have no retail outlets that bleed cash since ppl just buy everything online.
I meant that the Sears catalog should have become sears.com which sold everything online like Amazon.
Desertbreh wrote: ↑Thu Oct 17, 2019 3:05 pm
DFD. The forum where everybody makes the same choices and then tells anybody trying to join the club that they are the stupidest motherfucker to ever walk the earth.
and 
going on there... Eddie Lampert is doing some insane shit with the company that no one really understands even at the highest levels.
Kodak? I 
