Friday, 23 February, 2018

Sears says Kenmore products now available on Amazon; shares spike 13%

Sears says Kenmore products now available on Amazon; shares spike 13% Kenmore breaks free of brick and mortar with Amazon deal
Preston Stone | 21 July, 2017, 00:30

Customers can enable the Kenmore Smart skill in the Alexa Skill Store, link their account and then begin asking Alexa to interact with their Kenmore Smart appliances.

"This is part of our plan to unleash the power of the Kenmore brand outside of Sears", Tom Park, president of Kenmore, said in an interview.

"This is consistent with Sears' aim of becoming more of a remote seller of strong brands without the encumbrance of expensive real estate", GlobalData Retail Managing Director Neil Saunders told CNBC.

But some seemed unconvinced that the deal could do much to reverse Sears' misfortunes. "It's just a slow squeeze until goodbye".

Sears had said a year ago it was seeking a buyer for its Kenmore name, along with the DieHard battery and Craftsman tool brands.

Amazon.com (AMZN) has done it again.

Dustin Johnson and Jordan Spieth favourites as British Open begins
Open last month, birdied the 11th and 12th holes to join him atop the leaderboard . To that end he will play rap music - Eminem is a favourite - to get in the zone.

The heritage denim brand has fully accepted the digital age. However, the goal is to expand that to every home appliance in the company's line-up.

"Up until this point many of these brands have been somewhat reluctant to embrace Amazon, but we're seeing more and more of that now", Amobi said. "Now they'll have their names, their phone numbers, their addresses". The Kenmore Smart air conditioner are available up to a capacity of 18,000 BTU.

The deal gives Sears a chance to restore its relevance while also affording Amazon a new offering in the market for appliances.

A number of large brands have famously linked up - and sometimes cut ties - with Amazon.

Corporate parent Sears Holdings agreed to sell the Craftsman tools brand to Stanley Black & Decker earlier this year for an estimated $900 million.

Add Sears to the growing list of retailers inking deals with Amazon. Recently, though, the 124-year-old company has struggled to stay relevant as customers increasingly buy clothing, furniture and appliances online. In its last quarter, Sears notched its first profit since 2015, reporting net income of $244 million on revenue of $4.3 billion, compared with a loss of $471 million on sales of $5.4 billion in the year-ago quarter. The company plans to shutter almost 300 Sears and Kmart stores this year, but is experimenting with smaller format locations, having opened its first Sears Appliances & Mattresses store in Texas. The retailer's stock was up about 13 percent as of 11 a.m. The company's stock has lost almost 95 percent of its value in the past decade, from a peak of $195.18 a share in 2007.

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