After closing hundreds of stores in 2019, Transformco, the owner of Sears and Kmart stores, has sold one of the company's most well-known brands to Advance Auto Parts.
Peter Boutros, president of Transformco’s Kenmore, Craftsman and DieHard business unit, said the acquisition by Advance Auto will help Diehard's plans to introduce new products in categories such as sporting goods, lawn and garden and clothing. Sears already sells Diehard boots and clothing.
This is not the first brand Sears has sold. In 2017, it sold its 90-year-old Craftsman brand to Stanley Black & Decker for more than $900 million. Sears and Kmart have closed more than 3,500 stores and cut about 250,000 jobs over the last 15 years. In February 2019, the company escaped total liquidation in a last-minute sale in February to its longtime investor and former CEO Eddie Lampert.in the latest round of closures. After recently announced closings are complete, 182 stores are expected to remain – for now. By comparison, J.C. Penney has 846 stores as of November.
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