Sears Sells Craftsman Brand

Sears (Hoffman Estates, Ill.) announced that it has entered into a deal to sell the company’s Craftsman brand to Stanley Black & Decker (New Britain, Conn.) for a total of $900 million.

According to CNN, Sears will get $525 million from Stanley Black & Decker once the deal officially closes and then another $250 million at the end of the third year. It will also garner a percentage of annual payments of new Craftsman sales for the next 15 years.

The company originally began considering selling its Craftsman brand, among others, including Kenmore and DieHard, last year as a way to buoy business.

Craftsman products will continue to be sold in Sears stores but will also expand into other brick-and-mortar and online retailers.