Sears Holdings (SHLD) shot up Thursday after announcing that it is selling Kenmore appliances via Amazon.com (AMZN), including Alexa-enabled smart appliances, a team-up that comes after years of struggle to compete against the e-commerce giant.
“This marks the broadest distribution of Kenmore, America’s most trusted home appliance brand, outside of Sears branded stores and related online retail platforms,” Sears said in a statement. Terms of the deal weren’t disclosed.
The move follows Sears’ deal in January to sell its Craftsman line of tools to Stanley Black & Decker (SWK) and comes amid questions about Sears’ future, after warnings earlier this year about its ability to continue as a going concern.
Meanwhile, Amazon is expanding its reach in traditional brick-and-mortar retail and agreed to acquire Whole Foods Market (WFM) last month.
Sears shares were up 13.8% to 9.88 in afternoon trading in the stock market today, near session lows after spiking to 10.76 in the morning. The stock vaulted above its 200-day moving average for the first time in two months.
Amazon rose 0.1% to 1,028.15, hitting a fresh record high earlier.
Home Depot sank 4.3% on the news, crashing through the bottom of its…