After closing hundreds of stores in 2019, Transformco, the owner of Sears and Kmart stores, has sold one of the company’s most well-known brands.
Advance Auto Parts has acquired the DieHard brand for $200 million from Transformco, the companies said in a joint news release Monday.
DieHard auto batteries will continue to be sold at Sears and will be available at the auto supply store chain’s more than 4,800 stores, according to the release.
Tom Greco, Advance Auto Parts president and CEO, said in the release that the company was looking to expand in other “battery categories, such as marine and recreational vehicles.”
Peter Boutros, president of Transformco’s Kenmore, Craftsman and DieHard business unit, said the acquisition by Advance Auto will help Diehard’s plans to introduce new products in categories such as sporting goods, lawn and garden and clothing. Sears already sells Diehard boots and clothing.
This is not the first brand Sears has sold. In 2017, it sold its 90-year-old Craftsman brand to Stanley Black & Decker for more than $900 million.
Sears and Kmart have closed more than 3,500 stores and cut about 250,000 jobs over the last 15 years. In February 2019, the company escaped total liquidation in a last-minute sale in February to its longtime investor and former CEO Eddie Lampert.
In February 2020, another 51 Sears and 45 Kmart locations will shutter in the latest round of closures. After recently announced closings are complete, 182 stores are expected to remain – for now. By comparison, J.C. Penney has 846 stores as of November.
