SearsHC had a deal with Stanley (or whoever bought Craftsman) to allow them to source their own Craftsman tools for 15 years. Does that deal die with SearsHC, or does anyone know if that is transferable to the purchasing company?
I'd imagine any contracts with the dead company would die with it? I would think it crazy if the contract could be resold, even along with the company itself.
SHC didn’t own Craftsman directly. KCD IP did and does still own the remaining Sears segments of Craftsman. SHC owns(owned) Craftsman via owning KCD. The deal was between KCD and SBD if that makes any sense, with SHC not being involved. Eddie included KCD in his bid, so the contract and it’s terms will still stand.
@okk It will be once the deal goes through. "Transform Holdco" is a new legal entity that will take ownership of most of the assets formerly owned by "Sears Holdings".
Sears is NOT a "new company".
Interesting, I forgot about KCD as a separate entity there... although that almost makes it more important how the contracts were written.
If I read everything correctly, Craftsman, Kenmore and Diehard were owned by a subsidiary Sears Brands LLC, which I believe was owned by Sears in Bermuda and the Bermuda where operations were bankruptcy remote but these assets including the reinsurance program which handles the extended warranties will still be transferred to New Sears, thus I’d assume the agreement will transfer along.