Cannon In, Martha Heading Out at Sears, Kmart
May 19, 2008-- Home Textiles Today,
There has been no final disposition decision concerning the Martha Stewart Everyday program at Kmart, an arrangement that is scheduled to end by the end of 2009.
"There is the potential of losing the Martha Stewart brand — it's not as big as it used to be, but it's still a very good business," said Edward Lampert, chairman of $50 billion, 3,800-store Sears Holdings during a press conference after the annual shareholders meeting.
"The Martha Stewart brand," Lampert added, could have been as big as one of the brands the company is cross-pollinating between Sears and Kmart, like the Craftsman and Kenmore brands. "What we were prepared to do was more significant than Macy's. It would have been dominant at Sears and Kmart — but there's nothing today that would extend the date."
The company is readying the launch of the Cannon brand that will be featured at both Kmart and Sears.
Discussing the Sears Holdings' bid for specialty retailer Restoration Hardware, Lampert said, "It would have been an interesting fit, a decent home brand" that would complement the mid-tier giant's home service unit.
As for the Great Indoors, Lampert noted, "We could bring some of that business into Sears and it leverages our home services and online units."
There are no plans to expand the Great Indoors beyond the existing 15 units.
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