Sears Explores Selling Off DieHard Brand

The parent of Sears has hired investment bankers to advise it on potential asset sales, including the DieHard brand, as the chain continues to struggle, the Wall Street Journal reported. Transform Holdco LLC, a holding company created by the financier Eddie Lampert that bought the Sears and Kmart chains out of bankruptcy, has hired Guggenheim Partners to advise on the potential sales, after receiving inquiries from buyers. The chains are still facing many of the same problems they had before filing for bankruptcy protection last year. Those include falling sales as shoppers shift to competitors and convincing suppliers nervous about the chains’ future to keep shipping goods. About a quarter of the 425 remaining stores will close by year-end. Transform recently borrowed $150 million from lenders, including Lampert, who also ran Sears and Kmart before the chains filed for bankruptcy. The stores have been having trouble keeping shelves stocked with key products such as garden supplies in spring and lawn mowers in summer, according to shoppers and former executives. Prior to the bankruptcy filing, Sears had been selling assets, including some of its real estate and iconic brands. The Craftsman tool brand was acquired by Stanley Black & Decker Inc. in 2017.