Thursday, 24 May, 2018

Sears shares soar on tire-service deal with Amazon

Amazon Sears tire installation Sears pops after getting cozier with Amazon
Heather Davidson | 10 May, 2018, 14:08

Information of this venture delivered Sears' inventory soaring up to 22 per cent in ancient trading.

It may be reasonable for investors and traders to conclude that the likelihood of a Monro tie-up with Amazon is now less likely given Sears' announcement.

The tire installation service is 47 Sears Auto Centers in eight markets, including Chicago, Dallas, and NY and will eventually roll it out to all 400 of its auto centers nationwide in the coming weeks.

Sears Holdings (SHLD +19.6%) jumps after announcing that it's working with Amazon to provide services for Amazon customers that buy tires. This includes choosing which Sears store to have the tires sent to. At the time of the purchase, customers can select an appointment time to have the tires installed.

The customer then has to choose three times in which the installation can be done. After the initial launch the service is expected to quickly expand throughout Sears Auto Centers' more than 400 locations.

A Sears spokesman spoke to CNBC and gave details on the process. Back in July 2017, Sears announced that it would sell Kenmore appliances on Amazon.

The business said it's about 2,100 specialists in its Automobile Centers across the country to perform bicycle installations.

Afterward, in December, Sears said it'd begin attempting to sell merchandise out of the die hard new on Amazon, for example automobile batteries and tires that were now. Free for 14 days - no credit card required!

FBN's Jeff Flock on Sears closing its last store in Chicago. Sears CEO and top shareholder Eddie Lampert conceded in a blog coinciding with the company's annual shareholder meetings on Wednesday that, "We're still not where we need to be, and Sears continues to face significant challenges in a tough retail environment".

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