Sears Holdings Corp. said it reached a deal to sell its iconic Craftsman brand to Stanley Black & Decker Inc. for about $900 million, as the cash-strapped retailer continues to seek ways to whittle down its debt.
Sears will continue to offer Craftsman-branded products through a perpetual license from Stanley Black & Decker, which will be royalty free for the first 15 years after closing. The deal gives Stanley the rights to develop, manufacture and sell Craftsman-branded products outside of Sears.
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