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Sears Holdings Sells Craftsman Tools for $900 Million

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Sears Holdings to close 150 Sears and Kmart stores, sell Craftsman brand

Sears Holdings to close 150 Sears and Kmart stores, sell Craftsman brand*/

– Editors note: This story previously reported that 19 underperforming Sears stores would shutter before April based on a Jan. 3 SEC filing.Sears Holdings announced this morning it will close a total of 150 Sears and Kmart stores.Dive Brief:UPDATE: Sears Holdings will shutter an additional 150 unprofitable stores, including 108 Kmart and 42 Sears stores in order to curtail losses, the retailer announced on Thursday.
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BRIEF-Stanley Black & Decker to purchase Craftsman brand from Sears Holdings

BRIEF-Stanley Black & Decker to purchase Craftsman brand from Sears Holdings*/

– Jan 5 Sears Holdings Corp :* Stanley Black & Decker reaches agreement to purchase craftsman brand from sears holdings* Sears Holdings Corp – agreement consists of $525 million cash payment at closing* EPS accretion to Stanley Black & Decker, excluding charges, of approximately $0.10-$0.15 per share in year one* Sears Holdings Corp – agreement consists of payment of $250 million at end of year three* Existing sales of Craftsman products outside Sears Holdings and Sears Hometown distribution channels, which will be assumed immediately* Sears Holdings Corp -EPS accretion to Stanley Black & Decker increasing to about $0.35-$0.45 by year five and to approximately $0.70-$0.80 by year ten* Sears Holdings Corp – agreement consists of annual payments to co of between 2.5% and 3.5% on new Stanley Black & Decker sales of Craftsman products* Transaction was approved by boards of directors of both companies* Sears Holdings Corp – net present value of all cash payments in deal is approximately $900 million* Sears Holdings Corp – license granted to Sears Holdings will be royalty-free for 15 years, then 3% thereafter.Source text for Eikon: Further company coverage:
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Sears Holdings Sells Craftsman Tools for $900 Million

Sears Holdings Sells Craftsman Tools for $900 Million*/

– Sears Holdings ( shld ) said on Thursday it had reached a deal to sell its popular Craftsman tool brand to Stanley Black & Decker ( swk ) , its latest move in the last week or so to shore up its finances with urgently needed money as sales continue to collapse.The company is selling Craftsman, a brand that generated sales of $2 billion in the last year, 90% of which were at Sears and Kmart stores, for a total of about $900 million.That includes $525 million at the closing of the deal, another $250 million at end of year three, as well as a percentage of Stanley Black & Decker Craftsman sales for 15 years.
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