Deals
Sears to Sell Craftsman, Shut 150 Stores as Lampert Raises Cash
- Deal marks retailer’s third fundraising move in past two weeks
- Department-store chain will continue to sell iconic tool line
Sears Holdings to Close 150 Additional Stores
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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.