(NEW YORK) -- Craftsman has been synonymous with Sears for nine decades. But now, the department store chain is selling the tool brand as it tries to raise cash to keep itself operational in an ailing retail environment.
Sears announced on Thursday that it has entered a definitive agreement with Stanley Black & Decker, in which Stanley Black & Decker will purchase the Craftsman brand for approximately $900 million.
"This agreement represents a significant opportunity to grow the market by increasing the availability of Craftsman products to consumers in previously underpenetrated channels," Stanley Black & Decker President and CEO James Loree said in a statement. "We intend to invest in the brand and rapidly increase sales through these new channels, including retail, industrial, mobile and online."
While Craftsman tools will now be sold by Stanley Black & Decker, the brand will continue to have a presence in Sears stores.
"It's important for our members to know that we will continue to sell Craftsman in-store and online at Kmart and Sears, and Sears Hometown," Sears Holdings chairman and CEO Edward Lampert noted in a statement.
Copyright © 2017, ABC Radio. All rights reserved.