(Adds details, updates shares)
Jan 5 Sears Holdings Corp said it would
sell its Craftsman tools business to Stanley Black & Decker Inc
for $900 million, sending its shares up and taking some
of the focus away from the company's dismal holiday season
The sale, which ends a seven-month long search for a buyer,
has been seen as a key step in the company's efforts to turn
around its business.
Investors cheered the move, sending the stock up as much as
8 percent, even as the company reported a 12-13 percent drop in
comparable sales during the holiday season.
Once the largest U.S. retailer, Sears has lost its standing
as customers move to online shopping or rivals such as Wal-Mart
Stores Inc and has struggled with years of losses and
Sears also said on Thursday it had set up a special
committee to market real estate properties with the goal of
raising more than $1 billion.
The company's weak holiday sales announcement comes a day
after Macy's Inc and Kohl's Corp cut their 2016
profit forecasts, citing a bigger-than-expected drop in November
and December sales.
Sears also said it would close 41 of its namesake stores and
109 Kmart stores which together generated about $1.2 billion in
sales last year but ran up an adjusted loss of about $60 million
before interest, taxes, depreciation, and amortization.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Ted
Kerr and Saumyadeb Chakrabarty)