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Yo_Mama_Been_Loggin

(107,937 posts)
Thu Jan 5, 2017, 04:29 PM Jan 2017

Sears to sell Craftsman for $900 million as it seeks cash

Sears Holdings Corp. agreed to sell its Craftsman tool brand to Stanley Black & Decker Inc. for about $900 million, marking Chief Executive Officer Edward Lampert’s third move in the last two weeks to prop up the beleaguered retailer with fresh sources of funding.

Under terms of the deal, Stanley will pay $525 million at closing and $250 million after three years, the companies said in a statement Thursday. The buyer also will make annual payments on new Craftsman sales for 15 years.

With Sears’s department-store business continuing to bleed cash, Lampert has turned to selling and spinning off assets to keep the company operating. The hedge fund manager, who’s also the retailer’s chairman and largest investor, agreed earlier this week to lend the company $500 million and said last month that affiliates of his firm would offer it a $200 million line of credit. Sears also has been reviewing its DieHard batteries and Kenmore appliance brand for potential sales.

“Looking ahead, we will continue to take actions to adjust our capital structure, meet our financial obligations and manage our business to better position Sears Holdings to create long-term value,” Lampert said in Thursday’s statement.

https://www.msn.com/en-us/money/companies/sears-to-sell-craftsman-for-dollar900-million-as-it-seeks-cash/ar-BBxVzJJ?li=BBnb7Kz&ocid=edgsp

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Sears to sell Craftsman for $900 million as it seeks cash (Original Post) Yo_Mama_Been_Loggin Jan 2017 OP
Hubby calls them "Crapsman"..Not only one I imagine. Kittycow Jan 2017 #1
Kittycow, your wish is granted OxQQme Jan 2017 #5
Gosh, that's good to know! Kittycow Jan 2017 #6
Something wrong with this CEO. LisaM Jan 2017 #2
Yep. Money man (Hedge fund mgr.)...all they care about is $$$. Poor Sears and Kmart. CurtEastPoint Jan 2017 #3
Both stores I shopped at regularly, by the way. LisaM Jan 2017 #4

Kittycow

(2,396 posts)
1. Hubby calls them "Crapsman"..Not only one I imagine.
Thu Jan 5, 2017, 04:34 PM
Jan 2017

He used to love their tools and they were always reliable gifts. But I guess the quality has reeealy gone downhill and he won't buy them anymore.

I wish the quality and that Lifetime Guarantee / Replacement would come back!

OxQQme

(2,550 posts)
5. Kittycow, your wish is granted
Thu Jan 5, 2017, 06:32 PM
Jan 2017

as it's never gone away.
I've been a mechanic most of my 76 years.
I have several tool full chests. Craftsman. SnapOn. Mactools. Even some HarborFreight.
A few years back, a Craftsman ratchet wrench that I had purchased in 1964 (OMG!) had lost it's ability to
tighten nuts/bolts in one direction.
On a whim I took it to my local Sears store.
I walked out with a new ratchet. No question asked.
A DECADES old tool!

There's a difference, policy-wise and country of origin, between their 'good,better,best' lines nowadays.
There's tools marked 'SEARS' (good) and 'CRAFTSMAN' (better) that you would find in all stores.
Not all carry the PRO INDUSTRIAL line.
Back then in '64, when I bought that ratchet, there was only 'Best'. No receipt needed for warranty.
Receipt is needed for (good) SEARS branded tools.

https://en.wikipedia.org/wiki/Craftsman_(tools)
Snip>
Warranty:
Most Craftsman hand tools are advertised as having an unlimited lifetime warranty.[26] This lifetime warranty program was instituted by Sears when they began selling the Craftsman line in 1927.[27] This warranty program requires no receipt or dated proof of purchase. If the owner takes the item into a local retail store, it may be replaced or repaired free of charge.[28] In some cases, such as ratchets, the customer may be offered a repair kit with which to repair the item or an already refurbished item.

The full text of the warranty is as follows:

If for any reason your Craftsman hand tool ever fails to provide complete satisfaction, return it to any Sears store or other Craftsman outlet in the United States for free repair or replacement. This warranty gives you specific legal rights and you may also have other rights which vary from state to state.[29]

Sears has reduced the warranty in effect on many Craftsman non-powered lawn and garden products including rakes, shovels, clippers, brooms, trowels, pruners, hoses, sprinklers, hose nozzles, and other small gardening hand tools. Previously it was a lifetime warranty which on August 2, 2012, was reduced to 25 years with receipt required.[30] The lifetime warranty does not include precision hand tools, such as calipers and torque wrenches,[31]

Many consumers have also been reporting problems when attempting to obtain warranty repair or replacement on tools that are covered by the full lifetime warranty. Sears' official position is that the warranty should be honored, and much of the problem may lie with individual sales associates.[29] In some cases Sears no longer sells particular Craftsman tools, (tape measures, and wood clamps are two examples), making it impossible to replace a tool sold with a lifetime warranty with a similar Craftsman tool that will continue the warranty.

Some local store locations institute a 'daily limit' on the number of Craftsman hand tools which can be exchanged per day under the Sears Lifetime Warranty. This issue was addressed in 2009 in an inquiry to Sears Holding by consumerist.com. A corporate reply from then VP David Figler stated the Lifetime Warranty was to provide "complete customer satisfaction--period." His reply went on to state that a 'daily limit is not a valid reason for denying a customer's right to exchange their Craftsman tools under the Lifetime Warranty. Despite that letter and his assurance, individual stores currently [2015] have varying policies.

Power tools have a one-year warranty.[30]

After the merger, Kmart began selling Craftsman products and honoring the hand tool lifetime warranty.

Happy New You -- (I love saying that, as it applies to each moment of each day, rather than once a year)

Kittycow

(2,396 posts)
6. Gosh, that's good to know!
Thu Jan 5, 2017, 07:05 PM
Jan 2017

I think he gave a few things to his brother-in-law and the rest are in the garage somewhere. He just quit buying them and told me not to get any more. Now he gets Stihl when possible.

That's a good reason to clean out the garage haha.

Happy New You to you too. (from a Boomer)

LisaM

(27,803 posts)
2. Something wrong with this CEO.
Thu Jan 5, 2017, 04:48 PM
Jan 2017

He only answers to stockholders, and his sole goal seems to be to drive KMart and Sears into the ground.

LisaM

(27,803 posts)
4. Both stores I shopped at regularly, by the way.
Thu Jan 5, 2017, 05:50 PM
Jan 2017

When all the stores close, at least no one can blame me. I love shopping. Of course, the ones I do boycott, WalMart, Hobby Lobby, Home Depot, go on apace.

It's so depressing.

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