REPORT: Craftsman tools ‘selling like hotcakes’
Stanley CEO James Loree says business is good at the Craftsman brand.
Stanley Black & Decker is selling Craftsman tools “like hotcakes,” according to company president and CEO James Loree.
Stanley’s top executive delivered the message during a recent interview with Yahoo Finance.
Loree said the manufacturer has redesigned more than 1,200 Craftsman tools while “revitalizing the brand” with many of the products made in the United States. Craftsman, under its new owners, conducted a major relaunch last fall.
Some of the success Craftsman is realizing – since being acquired by Stanley Black & Decker from Sears for about $900 million in 2017 – Loree attributed to retail partnerships “with a home center, an ecommerce player and one of the co-ops” referring to deals with Lowe’s, Amazon and Ace Hardware.
“We couldn’t be more excited,” Loree said about the brand. “It’s going to be a big win for us from a revenue point of view.”
While the trade war with China has been “a headache” for the New Britain, Conn.-based company, Loree said his company understands the principles of trying to “level the playing field.”
“We’re tightening our belt, we’re getting through it,” the CEO said. “In general, we’re weathering the storm really well.”
Stanley Black and Decker recently filed a lawsuit against Sears Holdings, claiming a breach of contract and trademark infringement regarding the retailer’s sales and marketing of its own line of Craftsman tools.
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