Sears is turning to this Home Depot staple to save its business
REUTERS/Jonathan Bachman
Sears is turning to the paint business to boost its sales.
The retailer, in the midst of a years-long sales downturn, has decided to start selling paint again after a four-year hiatus.
The company announced its plan on Tuesday, one week after reporting that net sales fell 8.8% to $5.7 billion in the most recent quarter.
By selling paint, Sears is likely hoping to benefit from the strong housing market that has fueled recent sales growth at companies like Home Depot and Lowe's.
Sears said it would stock paint in 23 stores to start. The stores will carry a number of brands, such as Weatherbeater and Easy Living, ranging in price from $2.49 to $33 per can.
"After stepping away from the paint business in 2012, we are seeing the demand from our customers to bring it back. With updated paint mixing technology, and by enlisting dedicated and trained associates, we are confident the time is right to re-enter the category and fill a need for our members," Dean Schwartz, vice president of tools, lawn, and garden at Sears, said in a release.
Sears will also launch a new Craftsman brand of paint, the company said.
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