Sears to sell Craftsman tool brand to Stanley Black & Decker

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NEW YORK (AP) – Sears is selling its well-known Craftsman brand to Stanley Black & Decker Inc., which plans to grow the tool brand by selling its products at more stores.

Currently, only 10 percent of Craftsman products are sold outside of Sears-owned department stores. Sears will continue to sell Craftsman products at its stores, including Kmart and Sears Hometown.

Stanley will pay about $900 million for Craftsman, which includes $525 million when the deal closes this year, $250 million after three years and a percentage of sales for 15 years. After 15 years, Sears will start paying Stanley 3 percent of the Craftsman sales it makes.

Shares of Hoffman Estates, Illinois-based Sears Holdings Corp shares rose 7.5 percent to $11.14 before the stock market open Thursday.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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