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150 Sears & Kmart Stores to Close

150 Sears & Kmart Stores to Close

This article is a good resource for the state of current affairs at Sears & Kmart.

Sears Holdings on Wednesday announced it has entered into a $500 million committed secured loan facility, maturing in July 2020, with Seritage, its subsidiary real estate investment trust. Some $321 million was funded under the loan facility Wednesday and up to an additional $179 million may be drawn in the future, according to a press release.

Sears is also selling its iconic Craftsman line of tools for $900 million to Black & Decker, which will develop, manufacture and sell the branded products in non-Sears Holdings channels. Sears will continue to source and sell Craftsman-branded products under a perpetual license agreement. The sale agreement includes a $525 million cash payment at closing, $250 million at end of year three and annual payments to Sears Holdings of between 2.5% and 3.5% on new Stanley Black & Decker sales of Craftsman products through year 15, according to a press release.

Sears Holdings to close 150 Sears and Kmart stores, sell Craftsman brand – Retail Dive Article