Sears Holdings has received a number of bids for its Craftsman tool business and the stock is soaring, according to Bloomberg.
The report said that Stanley Black & Decker and Hong Kong-based Techtronic Industries have made bids for the business based on sources close to the matter.
The brand may be worth $2 billion according to the Bloomberg report, and other businesses that have not bid yet — including Apex Tool Group and Sweden-based Husqvarna — are looking into bids.
Sears has been in trouble for some time now, bleeding profit and shutting down stores. The sale of its assets has been rumoured for some time now and Craftsman may not be the last brand it auctions off, since Sears also owns brands like Kenmore.
Following the news, Sears stock shot up almost 17% and was halted for a time. Following the resumption of trading, the stock leveled off a bit to $13.00 a share, a $1.63 per share or 14.3% gain.
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