With Sears and Kmart stores slowly closing across the country, Sears Holdings had to sell off their longtime brand of tools, Craftsman to generate cash flow. The buyer turned out to be Stanley Black & Decker (SBD), who also runs DeWalt, Black + Decker, Porter Cable, Bostitch, and others. Late last week, their deal to purchase the tool icon was officially finalized.
Read moreCraftsman Brand Tools to be Sold to Stanley Black & Decker
Sears' iconic brand, Craftsman, is leaving the mothership and being bought by Stanley Black & Decker for around $900 million. This announcement comes on the heals of Sears planning to close 150 Sears and Kmart stores nationwide this year. The deal for the 89-year-old Craftsman brand allows Stanley Black & Decker to manufacture and sell Craftsman products in non-Sears stores. Sears will also continue to sell the Craftsman brand in its dwindling retail stores.
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