Sears is soaring after reports it may sell part of its business

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Sears is closing hundreds of stores around the country
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Wikimedia Commons

Sears Holdings has received a number of bids for its Craftsman tool business and the stock is soaring, according to Bloomberg.

The report said that Stanley Black & Decker and Hong Kong-based Techtronic Industries have made bids for the business based on sources close to the matter.

The brand may be worth $2 billion according to the Bloomberg report, and other businesses that have not bid yet – including Apex Tool Group and Sweden-based Husqvarna – are looking into bids.

Sears has been in trouble for some time now, bleeding profit and shutting down stores. The sale of its assets has been rumored for a few months with the company also exploring sales of Kenmore home appliances and DieHard car batteries.

Following the news, Sears stock shot up almost 17% and was halted for a time. Following the resumption of trading, the stock leveled off a bit to $13.00 a share, a $1.63 per share or 14.3% gain.

source
Google Finance