http://seekingalpha.com/news/3233603-sears-unloads-craftsman-stanley-black-and-decker
4 replies (most recent on top)
It's even more sad that this does not protect anyone's job but the top execs. Even if they do make it past July. There will be more store closure announcements so I hope this does not give false security to employees.
Sad but will buy the company a little more time
All of this money will go to pension since the pension is underfunded by about 2 billion. Though I guess it gets Sears of the hook for half of that now. 500 million in LOC, 500 million loan to sell more real estate, and 900 million not owed to pension. Looks like they can make it past July now so Seritage is safe. It's still going to BK though.
Now the few people who think Craftsman still represents quality won't have go to Sears, KMart, or ACE to get it. Professionals abandoned the brand probably 30-40 years ago. Enthusiasts have referred to it as Crapsman for a good 10.