- Reuters/Andy Clark
Sears is looking into possible partnerships and deals for four of its brands.
In its earnings statement Thursday, the struggling department-store chain said it’s exploring alternatives for Kenmore, Craftsman, DieHard and Sears Home Services.
Kenmore is Sears’ brand for appliances, Craftsman is for tools, and car batteries are sold under DieHard.
The company said it can grow the brands significantly if they operate beyond Sears and Kmart.
Citigroup Global Markets and LionTree Advisors will work with Sears on any possible transactions.
Sears shares gained as much as 10% in early trading on Thursday before giving back all the gains. This year, they’ve dropped nearly 40%.
Sears also announced that its chief financial officer, Robert Schriesheim, is leaving the company. He will stay on until a replacement is found, and will be an advisor through January 2017.
In the first quarter, Sears’ net loss increased to $471 million, or $4.41 per share, from a loss of $404 million, or $2.85 a year ago. Sales fell 8.4% to $5.4 billion.
Sears used to be America’s largest retailer, but has rapidly lost ground over the last few years. It has only posted a profit once in the last four years, according to Reuters.