- Sears will stop selling Whirlpool appliances after a pricing dispute, according to multiple media reports.
- Whirlpool shares dropped 10.78% to $US162.83 in pre-market trading Tuesday.
- Sears shares were slightly higher.
A century-old partnership between Sears and Whirlpool has come to an end, and shares of the appliance maker are plunging.
The department store chain is not without its own struggles. Sears was once the top dog in selling refrigerators, washing machines, and other home appliances, but has since lost its footing over recent years. The retailer has closed down hundreds of stores and has suffered from competition from the likes of Home Depot, Lowe’s and Best Buy.
The company has also loosened its grip on its exclusive control over Kenmore appliances, inking a deal with Amazon to sell its appliances on the online platform.
Sears’ shares were up 0.50% in pre-market trading though they’re down almost 33% year-to-date.
To read more about how Amazon is pressuring other home improvement chains like Home Depot, click here.
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