Sears continues to sink under its own weight and a lack of interest from consumers. Now the company is considering the sale of its iconic Kenmore, Craftsman, and DieHard brands.
The struggling retailer, which also owns Kmart, reported a loss of $471 million in the first quarter. Sales fell more than 8%.
Sears also says it may find strategic alternatives for its Home Services installation and repair businesses.
All three brands are still popular among Sears customers.
CFO Rob Schriesheim said the Kenmore, Craftsman, and DieHard brands are “beloved by the American consumer.”
But Schriesheim said that “the recent performance of Sears and Kmart have impeded their ability to grow.”
Schriesheim will be stepping down to pursue other interests but will stay in his role until a replacement is found.
The company isn’t alone in its struggles. Kohl’s, Macy’s, Gap, and other retailers are closing down stores, laying off workers, and attempting to attract customers with deep discounts and new styles.
This wouldn’t be the first time Sears has attempted to distance its own products from the main company. In 2014, the company spun off Lands End into its own clothing business. That company has also been suffering in the clothing retail sector.
Sears has also spun off its Canadian operations and created a separate public company for some of its real estate assets through a business known as Seritage Growth Properties.
Seritage has increased in value by nearly 10% this year after billionaire Warren Buffett invested in the company.