Sears to sell Kenmore appliances on Amazon
Sears stock rises as it launches its Kenmore products on Amazon.
Sears Holdings (NASDAQ:SHLD) announced on Thursday that it has begun selling its Kenmore appliances on Amazon.com (NASDAQ:AMZN), broadly expanding the exclusive brand’s availability.
The retailer also said its line of Kenmore smart appliances are now integrated with Amazon’s Alexa digital assistant.
Shares rallied 16% to $10.07 in recent trading.
Like other Sears-owned brands, Kenmore was only available in select retailers. Sears offered Kenmore products in its namesake and Kmart stores, as well as Sears Hometown and Outlet Stores (NASDAQ:SHOS) and Ace Hardware.
“The launch of Kenmore products on Amazon.com will significantly expand the distribution and availability of the Kenmore brand in the U.S.,” said Sears Chairman and CEO Edward Lampert.
The Amazon launch comes as Sears continues to explore strategic options for its Kenmore and DieHard brands. The struggling retailer already has a deal to sell Craftsman to Stanley Black & Decker (NYSE:SWK).
The sale of Kenmore appliances on Amazon, the world’s largest online retailer, could help Sears reverse a prolonged sales slump. Sears recently said it will close another 43 stores, mostly at Kmart, as it continues to shed unprofitable locations and reduce the size of others.