Sears Buys Time With Craftsman Brand Sale, Store Closures
Cash-strapped retailer will sell its brand of tools to Stanley Black & Decker for about $900 million
Struggling retailer Sears Holdings Corp. has bought itself some breathing room through maneuvers that include the sale of its Craftsman brand for $900 million and the closure of 150 additional stores as it grapples with a prolonged sales slump and mounting losses.
The company has suffered through several weak quarters and warned Thursday that same-store sales fell as much as 13% in November and December. Over the past five years it...