Sears Chairman and CEO Eddie Lampert on Monday called out a supplier of Craftsman power tools, saying the vendor is trying to embarrass Sears and get out of its contract.
Lampert, in a post titled “Taking a Stand to Protect Our Company,” lambasts One World for threatening to sue the financially struggling retailer.
“They seek to embarrass us in the media to force us to let them out of their contract. But Sears has nothing to be embarrassed about — we have lived up to our word under our contract, and we will take the appropriate legal action to protect our rights and ensure that One World honors their contract,” Lampert writes.
One World, a subsidiary of Techtronic Industries, makes power tools and accessories for Sears under the Craftsman brand.
“We will not simply roll over and be taken advantage of – we will do what’s right to protect the interests of our company and the millions of stakeholders we serve,” Lampert writes.
Sears said letting One World out of its supplier contract would hurt the retailer’s inventory and allow One World to make more power tools for competing brands.
h/t Seeking Alpha