NEW YORK — Sears has sold the DieHard car battery brand as the struggling retailer continues to shed assets to raise cash.
Continue Reading Below
The company, created by Sears in 1967, was acquired by Advance Auto Parts for $200 million, the companies said Monday.
Sears will still be able to sell DieHard goods in its stores. And it will still be able to create products for the brand as long as they are not auto-related, like the DieHard boots it currently sells.
Advance Auto Parts said it will sell DieHard auto batteries in its more than 4,800 stores and plans to expand it into batteries for other types of vehicles.
DieHard was one of the many brands launched by Sears during its more than 130 years in business. But as the company fell on hard times, it's been shedding some of its famous names to raise cash. In 2017, Sears sold its 90-year-old Craftsman tool brand to Stanley Black & Decker Inc.
Sears, which had 4,000 stores at its peak, sought bankruptcy protection last year and is now owned by Transform Holdco. By early next year, it will operate fewer than 200 stores.