Fast Eddie is at it again…although still would be more accurate. Yesterday he formalized his bid to buy the Kenmore brand franchise from his own company, Sears Holdings, and transfer it out to one of his many other other financial holdings. The price: $400 million. This compares with the $900 million that Stanley Black & Decker paid for Craftsman last year. SB&D, by the way, just introduced 1,200 new products under the brand in a dramatic and incredibly sound move to revitalize the brand. This after the president of the company said Craftsman had “de-evolved” under Sears ownership.
This quick-draw McGraw effort to steal Kenmore — should it really be worth less than half the value of Craftsman?– is one more Fast Eddie Lampert maneuver to extract anything that’s of value from the empty shell that Sears has now become. The rubber stamp board will no doubt approve the deal and the de-evolution process will continue…
WarrensReport 