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72-538: The venue was a joint venture between Sears Holdings , Ryan Companies, and the Village of Hoffman Estates. The project began in 1998; however, plans were not finalized until 2005. Construction began in July 2005. The venue opened as Sears Centre on October 26, 2006, with performances by Duran Duran and Bob Dylan . In 2011, the Village of Hoffman Estates took over ownership of the arena after Ryan Companies walked away from

144-403: A house brand established by Sears , the brand is now owned by Stanley Black & Decker . As with all Sears products, Craftsman tools were not manufactured by Sears during the company's ownership, but made under contract by various other companies. While Sears did not directly manufacture tools and equipment in most cases, they did have ownership in some of their suppliers. An example of this

216-519: A 3% licensing fee. The deal was closed on March 9, 2017. Sears maintains the right to manufacture and sell tools using existing supply channels under the Craftsman name for 15 years. Lowe's announced in October 2017 that it would start carrying Craftsman tools beginning in the late half of 2018. Sears has never manufactured Craftsman products itself, instead relying on other manufacturers to make

288-405: A March 11, 2007, article, described the current Sears as a hedge fund with money being diverted from the maintenance and improvement of stores to non-retail financial investments. A former executive was quoted as saying the company faced an "uncertain future". Surprisingly, a third of pre-tax income in the third quarter of 2006, according to The Washington Post , was due to financial trades and not

360-417: A circle). Ullman Devices of Ridgefield, Connecticut makes many of the magnetic pick up tools, picks, and inspection mirrors for Sears. In 2007, a Harris Interactive poll gave Craftsman the highest score for both "Brand Expectations" and "Trust". In 2009, the readers of Popular Mechanics named Craftsman their favorite brand of hand tools in their Reader's Choice Awards. Under Sears ownership, Craftsman

432-410: A decline in sales of 12 to 13 percent during the holiday shopping season and the largest quarterly loss since 2013. On January 9, 2017, Sears announced that it had reached an agreement to sell the Craftsman brand to Stanley Black & Decker for $ 900 million, plus royalties on new Craftsman sales for a 15-year period. During this period, Sears will continue selling Craftsman products royalty-free under

504-666: A few locations that were acquired from Walmart and several bankrupt discount retailers. The new store format combined the Sears store concept with the Kmart format, which was intended to help the company better compete with Walmart and Target . The project has since been resigned and merged with the Sears Grand concept. Sears Holdings has begun cross-selling merchandise between its two brands. For example, Craftsman tools are now available in Kmart stores; they were previously exclusive to

576-746: A lawsuit against the move. Lampert settled this deal agreeing to $ 40million. In May 2016, Sears Holdings announced that it was seeking strategic alternatives for its house brands to increase their revenue, including expanding their presence outside of Sears and Kmart. The filing stated that "by evaluating potential partnerships or other transactions that could expand distribution of our brands and service offerings, we can position both businesses to achieve greater success." Sears opened standalone appliance stores. In late 2016 and early 2017, some significant steps were taken by Edward Lampert , president, chief executive officer and top shareholder of Sears Holding Corp. Lampert, with personal assets estimated at $ 2 billion,

648-571: A licensing agreement. As part of an effort to extend the brand, Sears launched a pilot location in San Antonio for a DieHard-branded auto service franchise, DieHard Auto Center driven by Sears Auto . The brand is intended to operate as a standalone version of the Sears Auto Center locations attached to Sears department stores; the location was chosen because it was in proximity to a Sears location that had closed. In December 2017,

720-402: A list of 505 stores, including 239 Kmart stores and 266 Sears stores, that are for sale in the bankruptcy process while all others are currently holding liquidation sales. On December 28, 2018. Sears Holdings announced that it would close an additional 80 Kmart and Sears stores, as it faces possible liquidation. Their deadline for a bid was December 28, 2018 at 4:00pm; if no offers are made for

792-414: A number of stores between 2011 and 2013. On December 27, 2011, after poor holiday sales, the company announced 100 to 120 Sears and Kmart stores would close. On February 23, 2012, Sears Holdings Corp. announced it is closing all nine " The Great Indoors " stores. On December 6, 2013, Sears Holding Corp. announced that it will spin off Lands' End catalog business as a separate company by distributing stock to

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864-1104: A share on April 23, 2010. . Sears Holdings also owns 20 percent of Sears Mexico ; Carlos Slim owns the other 80 percent. Like Target stores, Kmart-branded stores in Australia belong to Wesfarmers (which acquired former owners Coles Group in 2007); Wesfarmers also holds the rights to the Kmart brand in New Zealand. In 2005, Sears Holdings sold a stake in hardware chain Orchard Supply Hardware to private equity firm Ares Management . On December 14, 2011, Sears Holdings announced that it would spin off its remaining holdings in Orchard Supply to shareholders effective December 30, 2011. In November 2006, speculation rolled around as The Chicago Sun Times reported that Sears may buy Safeway , Home Depot , Gap , BJ's Wholesale Club , Radio Shack , Pep Boys , and Anheuser-Busch . The Washington Post , in

936-463: A share. In June 2008, Sears launched Servicelive.com, which was intended to connect Sears customers with local contractors for home improvement projects. The site charges 10 percent of the contract price for each completed service and offers more than 40,000 contractors. Servicelive.com was redesigned in March 2010. In 2010, Dennis Stemmle was appointed president of the division. On February 22, 2010,

1008-491: A small profit was made in quarter 4 of 2017. However, investors are claiming that this is due to tax refunds and that sales are still falling for both Kmart and Sears. On September 11, 2018, the company stated it would announce its quarter 2 earnings when the market opened on September 13. After missing the deadline, the company announced at the end of the business day that it had lost $ 508 million, though same-store sales showed some improvements. The following day, Lampert blamed

1080-474: A total of 37.1 million square feet of space. The strategy of department stores converting their real estate holdings into REITs has been well-used in the current commercial real estate environment. Not everyone was happy with the Seritage move. Some people felt that the property sold were undervalued. The fact that Eddie Lampert was involved in both ends of the deal, made the move very suspect. Investors filed

1152-454: Is also the founder and manager of the hedge fund ESL Investments Inc. He provided an additional loan of $ 500 million to the company and said he would provide letters of credit to Sears for additional amounts, reportedly totaling $ 200 million and possibly increasing to a half-billion dollars in the future. During this period, the company announced that it would close 150 stores (109 Kmart and 41 Sears outlets), in an attempt to cut its losses after

1224-505: Is directed by a board of directors composed of members from the two companies: seven members from Kmart's board, and three from Sears. Shareholders in the Kmart Holding Corporation received one share in the new company. Shares of Sears, Roebuck, and Co. stock were converted into a combination of 55 percent stock and 45 percent cash (at $ 50 a share). Stockholders had a choice of receiving either stock or cash, subject to

1296-412: Is marketed as being comparable in quality to other mid-price brands including UltraPro (NAPA), Westward, Husky , and Kobalt . The lowest tier was originally branded "Sears". The company also used the "Dunlap" name for its lesser quality tools from the late 1930s until the late 1950s. The Sears tool line was discontinued in the late 1980s and replaced by the "Companion" tool line. The Companion tool line

1368-944: The Wall Street Journal reported that Sears Holdings Corp. had not paid for any national television commercials since late November 2017, for both Kmart and Sears, instead relying on online marketing. On January 4, 2018, Sears Holdings announced it would shutter 103 unprofitable Kmart and Sears stores, after 24 quarters of sales declines. These stores would be closing by April 2018, leaving Sears Holdings with 555 stores. According to an op-ed in MSN money, at this rate, Sears, along with sister company Kmart, has an extremely high chance of disappearing and going defunct in 2018, and that 2017 will have marked its final holiday season as an independent brand. On January 14, 2018, their Canadian unit, Sears Canada , ceased operations with all stores closed. On March 15, 2018, Sears Holdings announced

1440-428: The "921" model prefix), and formerly by Campbell Hausfeld under the "106" model prefix. Tool storage has typically been manufactured by Waterloo Industries ("706" model prefix), however as of 2017, they were acquired by Stanley, Black and Decker, and as of 2020 , Waterloo no longer manufactures tool storage for the Sears line of Craftsman. It is now supplied under the "714" model prefix by Montezuma Tool Storage, but

1512-770: The CEO: Sears Holdings Corporation was an American holding company headquartered in Hoffman Estates , Illinois . It was the parent company of the chain stores Kmart and Sears and was founded after the former purchased the latter in 2005. It was the 20th-largest retailing company in the United States in 2015. It filed for Chapter 11 bankruptcy on October 15, 2018, and sold its assets to ESL Investments in 2019. The new owner moved Sears assets to its newly formed subsidiary Transformco and after that, Sears Holdings Corporation

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1584-645: The Craftsman Ultimate Collection brand. According to the complaint, Sears breached the license agreement by launching its new tool line and touting its stores as "the real home of the broadest assortment of Craftsman". From 1995 to 2008, Craftsman sponsored the NASCAR Craftsman Truck Series , a deal which began with the inception of the Truck Series. After the 2008 season, Craftsman withdrew from sponsoring

1656-552: The Craftsman brand from Sears Holdings, which retained a limited license for Craftsman products. The Craftsman trademark was registered by Sears on May 20, 1927. Arthur Barrows, head of the company's hardware department, liked the name Craftsman and reportedly bought the rights to use it from the Marion-Craftsman Tool Company for $ 500 (equivalent to $ 8,770 in 2023). The brand's early customers were mostly farmers. Barrows' successor, Tom Dunlap, upgraded

1728-400: The Craftsman brand in a deal with a total value of $ 900 million (with an up-front payment of $ 525 million, and a payment of $ 250 million after three years). Sears will hold a royalty-free license to the Craftsman brand for a 15-year period after the completion of the sale, and will receive a royalty on all new Craftsman sales over this period. Afterwards, Sears will pay Stanley Black & Decker

1800-524: The Craftsman tool storage sold in Lowes is still Waterloo made. The Craftsman-branded garage door openers are manufactured by The Chamberlain Group ("139" model prefix). Hammers have been produced by Vaughan-Bushnell (coded "M" on the tool). Many of the automotive specialty tools such as feeler gauges and gap gauges have been made by A&E Tool Company of Racine, Wisconsin (these tools will have an "S" logo in

1872-526: The MaxAccess wrench under the Craftsman name, claiming that the MaxAccess was designed not to infringe the Bionic Wrench patent. Other than coloring, the only substantial difference between the two wrenches was that the Bionic Wrench had the head at a 45-degree angle while the MaxAccess head was straight. LoggerHead was subsequently awarded $ 6 million in damages, but the verdict to be set aside because

1944-635: The Sears Automotive business launched a new Independent Sears Auto Center franchise program that offers automobile dealers the opportunity to operate licensed Sears Auto Centers, with the first dealership in New Jersey . The company has faced consistent quarters of decline since the merger of Sears, Roebuck and Co. and Kmart Corp in 2005, the first year of results for the merged company. Income plunged 84 percent from $ 858 million, or $ 6.17 per diluted share from 2005 to 2011. Eddie Lampert has held

2016-705: The Sears and Kmart brands. The merger of Kmart and Sears closed on March 24, 2005, following affirmative shareholder votes of both companies. With the acquisition, the former HQ of Kmart in Detroit moved to the Sears Headquarters. The result of the merger was Kmart and parent Kmart Holding Corporation and Sears became subsidiaries of the new Sears Holdings Corporation. Sears Holdings now operates Sears and Kmart stores. The company continues to market products under brands held by both companies. The two companies cited several reasons for combining forces: The company

2088-582: The Sears brand. However, Martha Stewart brand paint colors were discontinued at Sears. Sears Holdings owned 51 percent of Sears Canada , a large department store chain in Canada similar to the U.S. stores. At one point it owned as much as 92% of the Canadian company, but it failed in 2006 to buy the remainder of Sears Canada that it did not own because Bill Ackman took a 17.3 percent stake in it and prevented any takeover. He accepted to sell his stake at $ 30

2160-515: The US-made standard Craftsman product before production switched overseas to Asia. Shortly after Stanley acquired the Craftsman brand, Stanley announced the construction of a factory in northern Fort Worth, Texas to bring Craftsman tool manufacturing back to the US. This arrangement was short-lived, however, as the plant produced some ratchets and sockets, but due to equipment problems, could not produce

2232-422: The United States for free repair or replacement. This warranty gives you specific legal rights and you may also have other rights which vary from state to state. Sears has reduced the warranty in effect on many Craftsman non-powered lawn and garden products including rakes , shovels , clippers, brooms , trowels , pruners , hoses , sprinklers , hose nozzles, and other small gardening hand tools. Previously it

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2304-434: The United States, although as of 2018, most if not all of the production for these products has moved to Asia. Sears still has an "Industrial" line which is sold through various authorized distributors. These tools are US-made, appearing identical to their previous non-industrial US-made counterparts, save for the "Industrial" name stamped on them. They are manufactured by Apex on the US production lines that previously produced

2376-412: The abuse of the lifetime warranty. Stanley Black & Decker has stated that all previous warranties on Craftsman products will be honored after the purchase of Craftsman in 2017. Some of the newer packaging (as of 2018 onward) on some Craftsman products does indicate that there may be a limit on returning warranty tools. As of February 2019, the "non-Sears" Craftsman does not have "open stock" in

2448-446: The arena due to the arena's lack of success. However, since the village took over the arena and hired Global Spectrum to manage it, the arena has shown improvement. The naming rights to the arena were not affected by Sears Holdings declaring bankruptcy in 2018, with the company paying $ 1.5 million to secure naming rights for an additional 18 months. On June 23, 2020, the Village of Hoffman Estates approved an $ 11.5 million deal to rename

2520-404: The bankruptcy auction, allowing the company to remain open. On January 24, 2019, a group of unsecured creditors , that included Simon Property Group , filed a motion with the bankruptcy court to overturn the deal Sears Holdings had just made with Lampert claiming that Lampert had been "engaged in serial asset stripping" of the company at the expense of suppliers and landlords. The creditors want

2592-524: The bankruptcy court to force the company to liquidate instead. On January 28, 2019, the federal government operated Pension Benefit Guaranty Corporation announced that they were not in favor with the current Sears Holding agreement with Lampert since that agreement would create a $ 1.7 billion funding gap in the employee pension fund that would require the American taxpayers to cover the shortfall. The same federal agency also accused "Lampert of structuring

2664-503: The board. He also announced that CFO Robert A. Riecker, CDO Leena Munjal, and apparel and footwear segment president Greg Ladley would collectively share the responsibilities of CEO in his place. After hitting below $ 1 per share due to bankruptcy filing, Sears Holdings was delisted from NASDAQ on October 24, 2018 and became listed on OTC Pink. On November 8, 2018, Sears Holdings announced it would close an additional 40 Kmart and Sears stores. On November 23, 2018, Sears Holdings released

2736-430: The color and decal labels. Many Craftsman bench and stationary power tools were manufactured by Emerson Electric Company under the "113" model prefix (previously under the "103" model prefix which was King-Seeley, but Emerson bought them out in the 1960s) and DeWalt. Air compressors were manufactured by DeVilbiss Air Power (formerly part of Dewalt. DeVilbiss is now owned by MAT Holdings who made compressors for Sears under

2808-400: The company, it could face liquidation of the entire operation. During the last few minutes of the auction, Lampert sent a $ 4.6 billion bid to try to keep the dying company alive. He plans to keep 425 locations open, including 202 Kmart stores and 223 Sears stores, with 50,000 employees. Sears Holdings announced on January 16, 2019, that Lampert (through his hedge fund, ESL Investments) had won

2880-980: The core of the brand have been made by a variety of manufacturers over the years, including New Britain , Moore Drop Forging , Stanley , Easco Hand Tools , Danaher Corporation , and most recently Apex Tool Group . Screwdrivers have been manufactured by Pratt-Read and Western Forge , but until around 2017-2018 were supplied mostly by the latter company, which also had supplied pliers and adjustable wrenches . As of 2019 , Western Forge no longer supplies Craftsman tools. Beginning in 2010, hand tools manufactured for Craftsman by Apex Tool Group (formerly known as Danaher) such as ratchets, sockets, and wrenches began to be sourced overseas (mainly in China, although some are produced in Taiwan), while tools produced for Craftsman by Western Forge such as adjustable wrenches, screwdrivers, pliers and larger mechanic tool sets were still made in

2952-504: The deal to inappropriately obtain ownership of the chain's Kenmore appliance brand and the Diehard tools brand." On February 7, 2019, a bankruptcy judge approved a $ 5.2 billion plan by Sears’ chairman and biggest shareholder to keep the iconic business going. The approval means roughly 425 stores and 45,000 jobs will be preserved. As a result, the retail business has emerged into Transform Holdco LLC . On May 24, 2019, Sears announced it

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3024-401: The item. Lowes Corp stated, "We will honor all lifetime warranties no matter where the Craftsman hand tool was purchased. ". In 1963, Sears employee Peter M. Roberts developed a quick release feature for socket wrenches. The feature allowed a person using such a ratchet to remove the socket from the wrench with one hand, freeing the second hand from grabbing the socket while the other hand held

3096-534: The judge misinterpreted the LoggerHead patent. In April 2017, Sears sued Western Forge, its former supplier of hand tools, for abruptly ending the contract to supply the tools. Western Forge violated the contract by demanding more money because of Sears's financial problems. On March 6, 2019, Sears was sued by Stanley Black & Decker, which accused it of breach of contract and trademark infringement over its new line of professional-grade mechanics tools under

3168-491: The losses on the company's difficulties in paying pensions and the resulting regulatory penalties. On September 28, 2018, Sears Holdings began selling at less than a dollar per share, risking delisting by NASDAQ. On October 10, 2018, it was reported that Sears Holdings had engaged advisors regarding an imminent bankruptcy filing. The company filed for Chapter 11 bankruptcy protection on October 15, 2018, in New York;

3240-439: The needed volume that was originally expected. The plant closed shortly thereafter. Many Craftsman portable power tools have been manufactured by Techtronic Industries who acquired the prior supplier—Diehl Motor Company (a one time division of Singer) and Ryobi. Sears hand power tools have also been produced by DeWalt under the "900" model prefix. Some, such as the corded and cordless drills, were indistinguishable, other than

3312-456: The new wrenches per week. Roberts sued Sears in 1969 after seeing his quick release on a wrench prominently displayed in a Sears catalog, but it wasn't until 1989 that the case was finally settled. Neither side revealed the amount of the settlement. In August 2002, Sears sued Emerson for using Sears-owned manufacturing equipment to create power tools for Home Depot. Upon the expiration of Emerson's 30-year contract to make Craftsman tools, Emerson

3384-417: The oldest such programs by a retailer. Craftsman tools are sold in Sears and sister store Kmart , as well as US military Army and Air Force Exchange Service stores, Navy Exchange stores, Summit Racing Equipment , Blain's Farm & Fleet , W. W. Grainger , Ace Hardware , Montgomery Ward , Lowe's , and Amazon . On January 5, 2017, Stanley Black & Decker announced its intent to acquire

3456-424: The predefined ratio. The merger was completed on March 24, 2005, after receiving regulatory approval from the government and approval by shareholders of both companies. Sears Holdings continued to operate stores under the Sears and Kmart mastheads . In 2005, Sears introduced a new store format called Sears Essentials. As part of this new store format, some Kmart stores were converted to Sears Essentials, as well as

3528-405: The problem may lie with individual sales associates. In some cases Sears no longer sells particular Craftsman tools (tape measures, and wood clamps are two examples), making it impossible to replace a tool sold with a lifetime warranty with a similar Craftsman tool that will continue the warranty. Some Sears stores limit the number of hand tools that can be exchanged per day, in an effort to reduce

3600-468: The products for them following Sears designs and specifications, and then applying the Craftsman brand name. Sometimes, the Craftsman branded items include exclusive features or functions that separate them from the manufacturer's own brand or other brands that the manufacturer produces. At other times, Craftsman products are identical to models of other brands with a different name on them. The hardline mechanic's tools (such as socket wrenches ) that make up

3672-524: The quality of the tools and added chrome plating to them as America moved into the automobile age. Sears's tool line, like many of its other product lines, used a " good, better, best " pricing structure, with the Craftsman brand as the middle tier and Craftsman Professional or Craftsman Industrial as the highest tier. Craftsman Professional and Craftsman Industrial are marketed as being comparable to brands like Cornwell Quality Tools, SK , Snap-on , Proto , Mac , and Matco . The standard Craftsman line

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3744-412: The quick release into a new line of ratchets, projecting sales of up to 750,000 units in the first year alone. In January 1965, Roberts received a phone call from a Sears attorney asking for the name of Roberts' patent lawyer. Without Roberts's knowledge, Sears hired the patent lawyer, Charles Fay, and Fay ended up representing both Roberts and Sears regarding the patent. Around this time, Roberts's patent

3816-469: The ratchet. Roberts developed a prototype and applied for a patent in 1964. While the patent was pending he approached Sears and introduced the idea to them. Sears, which sold millions of sockets every year, saw the potential in the invention and asked for the prototype so it could be tested. After testing revealed the quick release would not weaken the ratchet, Sears began market testing the new ratchet and received favorable feedback. Sears then incorporated

3888-527: The retail business. However, these investments performed poorly in the fourth quarter. In 2007, the company placed its three major brands in KCD IP , a "separate, wholly-owned, bankruptcy-remote subsidiary". KCD stands for the three brands: Kenmore, Craftsman, and DieHard. KCD IP then issued $ 1.8 billion in bonds that were sold to Sears' insurance subsidiary based in Bermuda . Sears would thus pay KCD for use of

3960-475: The retailer's stockholders. Lands' End stock began trading on the NASDAQ on April 7, 2014. In 2015, Sears Holdings planned to spin off 235 of its properties into a new REIT to be called Seritage Growth Properties, with the package of properties backed by a $ 925 million loan from JP Morgan Chase Bank . The 235 properties, mainly Sears and Kmart locations, spread across the country and Puerto Rico , amounted to

4032-434: The same day that a $ 134 million debt payment was due, and will close 142 stores, including 63 Kmart stores and 79 Sears stores. All other Kmart and Sears stores are staying open to turn the company around. Their online stores sears.com, kmart.com, and shopyourway.com are also staying open to serve members affected by the store closures. On the same day, Lampert announced that he was stepping down as CEO, remaining chairman of

4104-632: The series and was replaced by Camping World . In 2016, Craftsman returned to motorsports sponsorship, serving as the title name for the World of Outlaws , renaming the Sprint Car Series and Late Model Series to the World of Outlaws Craftsman Sprint Car Series and World of Outlaws Craftsman Late Model Series, respectively. In 2023, Stanley Black & Decker acquired the title sponsorship rights to NASCAR's Truck Series, for which it would reinstate

4176-508: The slogan "Made in the USA" for Craftsman tools. Sears lost, but the court awarded no damages, finding that the mislabeling did not damage customers. In 2012 Sears was sued by LoggerHead Tools, makers of the Bionic Wrench, after Sears released a competing product, the MaxAccess. Sears had sold the Bionic Wrench in its stores, but decided to not talk to LoggerHead about licensing the patent. Instead, Sears had its tool manufacturer, Apex Tools, create

4248-621: The stores as Sears does to replace individual items from a set that may require warranty. Stanley Black and Decker has indicated that they are working on introducing more individual tools to stores. Power tools have a one-year warranty. Customers are able to exchange any version of the Sears Craftsman product at the stores that sell Sears Craftsman products such as Sears, Kmart, Ace, etc. Stores such as Lowes that sell Stanley Black & Decker Craftsman products will exchange replacement items at Stanley Craftsman supplied stores if they have

4320-412: The three brands' trademarks. On December 14, 2007, the company submitted a draft merger agreement to buy Restoration Hardware for $ 6.75 a share. Sears already owned 13.7 percent of the company. That offer was withdrawn after Restoration's shares tumbled and a competing bid from private equity firm Catterton Partners was lowered to $ 4.50 per share. On February 28, Sears Holdings made an offer of $ 4.55

4392-435: The title of chairman of Sears Holdings over the period of decline. The first quarter of 2011 did not appear any better, with the company posting a net loss of $ 170 million, or $ 1.58 a share. Some industry analysts feel the heart of the problem is Eddie Lampert's "penny-pinching" cost-savings by stifling investment into stores. Instead, the company has been buying back stock and increasing its presence online. The company closed

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4464-542: The venue to NOW Arena, with the naming rights belonging to the NOW Health Group, a family-owned natural products manufacturer based in Bloomingdale, Illinois . The name change would officially take effect on September 1, 2020. USA Gymnastics 42°4′18.10″N 88°12′34.04″W  /  42.0716944°N 88.2094556°W  / 42.0716944; -88.2094556 Sears Holdings Office of

4536-442: Was a lifetime warranty which on August 2, 2012, was reduced to 25 years with receipt required. The lifetime warranty does not include precision hand tools, such as calipers and torque wrenches . Many consumers have also been reporting problems when attempting to obtain warranty repair or replacement on tools that are covered by the full lifetime warranty. Sears' official position is that the warranty should be honored, and much of

4608-431: Was approved, but Fay did not reveal this to Roberts. Negotiations for use of the quick release commenced, with Roberts being told that the quick release wasn't new and that any patent issued would be limited. Sears's lawyers also said that because of the cost (44 cents per wrench) of adding the quick release to the wrenches, a license was worth only $ 10,000. What Sears didn't tell Roberts was that it planned to make 50,000 of

4680-423: Was closed. On November 17, 2004, the management of Kmart Holding Corporation announced its intention to purchase Sears, Roebuck and Co. under a new corporation. Kmart previously emerged from Chapter 11 bankruptcy protection on May 6, 2003. The new corporation became known as Sears Holdings Corporation, simply known as Sears Holdings. The new corporation announced that it would continue to operate stores under both

4752-446: Was instituted by Sears when they began selling the Craftsman line in 1927. This warranty program requires no receipt or dated proof of purchase. If the owner takes the item into a local retail store, it may be replaced or repaired free of charge. The full text of the warranty is as follows: If for any reason your Craftsman hand tool ever fails to provide complete satisfaction, return it to any Sears store or other Craftsman outlet in

4824-464: Was itself discontinued and replaced by the "Evolv" tool line in 2008 designed by Ellen Tave Glassman, VP Hardines Design Craftsman, with a focus on homeowners and DIYers . Evolv tools also have a lifetime warranty but require that the customer have the original dated receipt to make a claim. From 1991 until the store's demise, Sears ran the Craftsman Club customer loyalty program , one of

4896-551: Was opening small stores under the name Sears Home&Life. These stores would mainly sell appliances, mattresses, connected home products. This was done at three locations: Overland Park, Kansas , Anchorage, Alaska , and in Lafayette, Louisiana . On June 28, 2019, it was reported that Sears Holdings had plans to fully dissolve after selling its retail assets to ESL Investments a few months prior. In March 2019, Sears Holdings sued Transform Holdco LLC for $ 57.5 million it said it

4968-515: Was owed from the sale. The company also said Transform owed it $ 41.3 million for credit card and cash transactions that occurred before the sale closed, as well as $ 16.2 million for a portion of February rent, according to the documents. Sears Holdings could not be reached for additional comment. The lawsuit was settled in January 2020. Craftsman (tools) Craftsman is a line of tools , lawn and garden equipment, and work wear. Originally

5040-461: Was required to return the Sears-owned equipment. Instead, Emerson kept the equipment, claiming it to be obsolete and of little value. Emerson denied the allegations when the suit was filed, but paid Sears $ 10.8 million and returned all the equipment, while admitting no wrongdoing. In 2004 a class action by customers accused Sears of false advertising and consumer fraud for questionable use of

5112-656: Was the first title sponsor of the NASCAR Truck Series from 1996 to 2008, which was branded as the NASCAR Craftsman Truck Series. In 2022, Stanley Black & Decker acquired the sponsorship rights beginning in the 2023 season, replacing Camping World . Owing to its present ownership of the brand, it was announced that Craftsman would return as the title sponsor of the series. Most Craftsman hand tools are advertised as having an unlimited lifetime warranty . This lifetime warranty program

5184-596: Was the joint venture that they established with Western Forge in 1965 and their partial ownership of Roper for a number of years. Both companies supplied products to Sears for many years. They were first sold in 1927 through the Sears catalog and in Sears retail stores. After the Sears–Kmart merger, the tools were also for sale in Kmart stores and through several other retailers. In March 2017, Stanley Black & Decker acquired

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