- 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.
- Google Finance