Sears stock jumps after announcing partnership with Amazon

Published on: 10 May, 2018

Sears Holdings Corp. (NYSE: SHLD) Stocks jumped 15.9% to $3.20 after it announced a partnership with Amazon.com, Inc. (NASDAQ: AMZN) on Wednesday. It will use the e-commerce giant’s platform to sell its DieHard tires and connect with customers seeking tire-installation service.

Sears said it will provide tire installation and balancing services for people who buy any brand of tire on Amazon, and it also plans to make its Sears Auto Center locations a pick-up point for Amazon tire orders. The offline pick-up service will be available at 47 Auto Centers in eight metro areas soon, but eventually will be expanded to the more than 40 Auto Centers nationwide.

More and more brick-and-mortar chains have teamed up with Amazon, from Kohl’s Corp. to Best Buy Inc. and Nike Inc. to Chico’s FAS Inc., to boost their sales. Kohl’s last year began allowing customers that purchased items on Amazon to return them at some selected stores. Sears last year also began selling Kenmore appliances on Amazon.

Shares of Sears went down 70% over last 12 months, but jumped almost 16% in Wednesday trading. Last year the stock also once showed a double-digit percentage gain in a single day trading after announcing the partnership with Kenmore.

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Liying Pang

Email: Liying@financialinsiders.com

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