Sears in spat with maker of Craftsman power tools
Posted May 15
NEW YORK — Sears is fighting back against vendors that it says are taking advantage of the department store as it navigates a precarious financial situation.
The retailer on Monday filed a complaint in an Illinois court against the maker of Craftsman power tools, saying it has no right to leave its contract with the chain. Sears CEO Eddie Lampert also blasted the vendor, One World, in a blog post.
One World is a subsidiary of Chinese conglomerate Techtronic Industries. Techtronic did not immediately reply to emailed questions.
Sears Holdings' grousing with its vendor underscores the challenges ahead for the retailer. Sears said in March that there's "substantial doubt" about its future.
Its shares fell 12 percent to $8.31 Monday.