Will Amazon ‘Save’ SEARS? New Sales Agreement Sends Stock Soaring
Experts are not sure what the outcome will be, but the initial impact boosted Sears’ stock by over 18 points.
In an effort to rebuild and rebound, the struggling retail giant has entered into an agreement with Amazon for the website to sell Kenmore Appliances. Earlier this year Sears sold it’s Craftsman tool line to Black and Decker, and has been looking for other marketing options, according to Forbes.
Thursday, it was announced Amazon.com will carry the full line of long-time Kenmore appliances, from dishwashers to freezers and more. The move is part of Sears’ attempt to rebuild it’s struggling business. Once the biggest seller of appliances, one of the biggest in tools and other products, Sears has been hurt by competition from Walmart, and yes, Amazon. The number of Sears stores has dropped from 3,400 ten years ago to just over 1,400, which includes the one at Columbia Center in Kennewick.
Terms of the agreement, says Forbes, were not disclosed.