Ending years of speculation, Sears Holdings announced it is selling its popular Craftsman brand of tools and home improvement products to Stanley Black & Decker for an estimated $900 million, as Sears looks to raise much-needed cash as it faces perpetual challenges in its retail business. At the same time, Sears Holdings plans to close 150 stores this spring, including 108 Kmart and 42 Sears locations, and has gotten access to $500 million in secured loans from CEO and Chairman Edward Lampert’s hedge fund, ESL Investments. The agreement with Stanley Black & Decker gives the New Britain, CT-based toolmaker the right to develop, manufacture and sell Craftsman-branded products in non-Sears stores, including retail industrial and online channels here and around the world, Sears said in a release. click Read More below for additional detail
Gap Inc. (NYSE: GPS) today announced that Executive Vice President and Chief People Officer Brent Hyder will leave the company next month to pursue an external opportunity.
“I want to thank Brent for his many contributions to Gap Inc. over the past fifteen years. Talent is a key driver of success for the company, and under Brent’s leadership we established the right strategy to attract, retain, and develop some of the very best people in this industry,” said Art Peck, President and CEO, Gap Inc.