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Stanley Black & Decker to buy Craftsman
Sears Holdings plans to sell its Craftsman brand to tool giant Stanley Black & Decker for $550 million cash up front, $250 million at the end of year three, plus various annual payments.
Hoffman Estates, Illinois-based Sears said the move is part of an effort to stabilize its operating performance. The struggling retailer also intends to close an additional 150 non-profitable stores – 109 of them under the Kmart banner.