Amazon, Sears Deal Driving Home Depot, Lowe's Stocks Down

Amazon, Sears Deal Driving Home Depot, Lowe's Stocks Down

Amazon, Sears Deal Driving Home Depot, Lowe's Stocks Down

Sears, once the country's largest retailer, dominated the industry for years by building a collection of well-known brands such as Kenmore and DieHard as well as Craftsman, which it sold to Stanley Black & Decker earlier this year for an estimated $900 million.

Sears announced Thursday that it will begin selling Kenmore appliances on Amazon that feature Amazon's smart home assistant Alexa, reports the Chicago Tribune. And by 1995, 25% of the major appliances sold in the United States were Kenmore.

"We continuously look for opportunities to enhance the reach of our iconic brands to more customers and create additional value from our assets", Sears CEO Eddie Lampert said in a statement.

The Kenmore Smart appliances available on Amazon as of launch also include washing machines and microwaves, but only the air conditioners appear to boast the Alexa capability as of July 20.

Park said Sears made the deal in order to expand its brand distribution and omnichannel retail strategy. Now, the iconic retailer has chose to partner with the online giant.

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Amazon, meanwhile, was No. 14 on the TWICE ranking, with $228 million in major appliance sales in 2016. Lampert's continued cash injections and ownership of the chain's unsecured debt continues to convince some investors that Sears will avoid filing for bankruptcy protection, but ultimately the ability to appeal to a wider consumer base on Amazon may be the company's best long-term move yet.

Sears has not turned a profit since 2010, and previous year it reported losses of $2.2 billion.

Sears shares surged more than 13% on the news, but the real story here is how badly its competitors are getting hit.

Today's announcement gave Sears shares a big bump, a welcome improvement for the home goods retailers, which has been struggling for years. (It has about 1,100 locations left.) In March, Sears executives said they had "substantial doubt" about the company's financial viability, sending shares of Sears plunging by almost 13 percent.

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