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Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

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Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

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Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

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Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
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Sears Stock Rallies After Amazon Deal Gives Its Stores a Surprise Boost

By
Kevin Kelleher
Kevin Kelleher
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By
Kevin Kelleher
Kevin Kelleher
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August 29, 2018, 6:52 PM ET

The summer of 2018 has been another tough period for Sears, but there’s one thing that has reliably helped lift the retailer’s share price: Amazon.

On Tuesday, Sears Holdings announced that it’s expanding a pilot program with Amazon to install and balance automobile tires that consumers buy through Amazon. Under the partnership, Amazon shoppers who buy tires, including the Die-Hard brand made by Sears, can ship the tires to a nearby Sears Auto Center for installation.

Amazon also offers similar ship-to-store programs with, for example, local bike shops. In May, when Sears announced it would service tires bought on Amazon, its shares shot up 38% during the following week.

Sears’ stock more than gave up those gains in June, however, after the company said sales fell 31% in its most-recent quarter and announced it would close 72 more stores. That was on top of hundreds of stores that Sears had closed in the previous couple of years. Last week, Sears said it would close yet another 46 stores, dragging its share price down even further to a record low of $1.08 a share.

News that Amazon and Sears were expanding the ship-to-store program from 47 initial stores to all Sears Auto Centers in the U.S. offered Sears a reprieve from the weeks of a declining share price. Sears shares surged as much as 23% to $1.37 a share Tuesday. While Sears’ stock price drifted down Wednesday, they were trading about 3% higher in afterhours trading at $1.26 a share.

Sears has been undergoing a long, painful restructuring for several years, with the stock now down 96% from its high point in 2013. Sears, K-Mart, and other onetime powerful retail brands have been struggling in the era of Amazon retailing. Amazon, meanwhile, has been working with brick-and-mortar retailers, including partnerships with Sears and Kohl’s and the purchase of Whole Foods Market.

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By Kevin Kelleher
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