Sears to Sell Kenmore Brand on Amazon

By Imani Moise Features Dow Jones Newswires

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Sears Holdings Corp. will start selling its Kenmore line of refrigerators and stoves on Inc.'s website, marking the first distribution of its kitchen appliances outside of its own stores.

Sears's shares jumped 12% to $9.75 premarket, offsetting a 6.6% slump so far this year.

The move could be a boon to sales as dwindling foot traffic in stores has led to years of sales declines. Sears has been facing increased competition in white goods to Best Buy, Home Depot and other retail chains.

The company also said the partnership will benefit its Sears Home Services as it will provide delivery, installation and extended product protection for all Kenmore goods sold through Amazon.

The struggling retailer has been looking at strategic options for some if its top brands for over a year, as sales have slid and losses have mounted. Earlier this year, it agreed to sell its Craftsman tool brand to Stanley Black & Decker Inc. for $900 million and the company is still looking at options for its DieHard brand.

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The partnership also marks a big move by Amazon into the large appliance business, one of the few corners of retail where it has yet to penetrate deeply.

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(END) Dow Jones Newswires

July 20, 2017 09:27 ET (13:27 GMT)