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The Craftsman tool brand, previously owned by Sears, has introduced a select line of products in Lowe’s stores and on its website, Lowe’s has confirmed.
According to Lowe’s, “select CRAFTSMAN mechanics tool sets, tool storage, garage organization, flashlights and pressure washers can now be purchased” from its stores nationwide.
Stanley Black & Decker purchased the Craftsman tool brand from Sears for $900 million in January 2017. The sale was considered a financial boost for the struggling Sears chain.
Before the sale, the Craftsman line was only available in Sears, Sears Hometown, Kmart, Ace and Orchard Supply Hardware stores, but Stanley Black & Decker’s purchase of the Sears brand allowed it to expand into new stores like Lowe’s.
“We are honored to be the new go-to destination of the iconic Craftsman brand and offer some of the highest quality tools, storage and outdoor power equipment in the industry,” Michael P. McDermott, Lowe’s chief customer officer, says. “Lowe’s and Craftsman have histories that span generations and are rooted in excellent customer service. Together we are making it easier than ever for customers to access the best tools and expert guidance they need to confidently tackle any home improvement project.”
Currently, Sears is considering selling another popular Sears brand—Kenmore appliances. The company’s CEO, Edward Lampert, offered to purchase the company’s iconic appliance brand and other assets through ESL Investments, the hedge fund he manages.
Sears has accrued more than $10.8 billion in losses in the past seven years, according to The Chicago Tribune.
“Since 2015, Sears has spun off the Lands’ End brand, sold Craftsman to Stanley Black & Decker, and sold 235 stores to real estate investment trust Seritage Growth Properties, in which Lampert holds a stake and serves as chairman of the board,” The Chicago Tribune reports.
