Sears Just Surrendered to Amazon With Kenmore Deal
Laura Berman
Jul 20, 2017 12:20 PM EDT
In what should come as a surprise to absolutely no one, Sears Holdings Corp. (SHLD) has admitted it truly needs help.
Sears announced Thursday, July 20, that it will sell its Kenmore appliances on Amazon.com Inc. (AMZN) , including a new line of Kenmore Smart appliances featuring Amazon's Alexa. In other words, it's taking its most treasured brand and partnering with the company that's done the most to hasten its demise. Amazon will be Sears' largest distributor outside its own stores and e-commerce channels.
The deal comes more than a year after Sears' announcement in May 2016 that it would explore alternatives for its Kenmore, Craftsman, DieHard and Sears Home Services businesses. Stanley Black & Decker Inc. (SWK) paid an initial consideration of $525 million for Craftsman in January, with the deal valued at up to $900 million.
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