Economy

Sears to stop selling Whirlpool appliances

Sears to stop selling Whirlpool appliances”

Sears will continue to sell its inventory of Whirlpool products until they run out, and Whirlpool will reportedly continue to manufacture some items from Sears' Kenmore brand.

- In an earnings call on October 24, Whirlpool Chief Executive Marc Bitzer said the company would no longer supply some of its products to retailer Sears after a pricing dispute that was reported a day earlier by the Wall Street Journal.

The end to the partnership is effective immediately and includes the larger appliances and small kitchen appliances of Whirlpool subsidiaries like Maytag, KitchenAid and Jenn-Air.

The retailer has stopped selling Whirlpool appliances after a pricing disagreement, The Wall Street Journal reported.

Sears says price disputes and a changing market is the reason for the change. "It's not a whole lot", Bitzer said.

Whirlpool attributed the reduced earnings to higher costs for raw materials.

Whirlpool shares plunged by more than 9% in opening trade on Tuesday. The stock move was its biggest intraday decline in a year.

Sears shares were also down, falling more than 1%. Earnings of $276 million, or $3.72 per share, were worse than analysts' forecast of $3.94 per share.

The outlook renews concerns that Whirlpool can't keep its costs in check, especially as the company struggles to integrate Italy's Indesit business.

But Whirlpool has warned investors about pressure from lower priced competitors.

The company will no longer sell Whirlpool appliances. Sears also acquired a stake in the company in the same year. To feed growing demand at the retailer, Upton merged with another washer maker in 1929. In an attempt to boost sales, Sears said this summer it would also sell Kenmore products via Amazon. Though the deal could lift sales of Kenmore products, it could further diminish Sears' ability to bring in customers.



Like this

loading...
loading...

Latest


24 October 2017
Karolina Pliskova kicks off WTA Finals with win over Venus Williams
She failed to win a point on serve as she double-faulted and launched an ill-advised challenge, going down in the tiebreak 7-3. But, her own service faltered yet again as she lost her serve while trying to serve out the set in the 10th game of the set.

24 October 2017
French Private Sector Output Rises in October
However, the annual rate of inflation is still well short of the ECB's inflation target, and that is a problem for policy makers. France logged the sharpest rise in output since May 2011, while growth in Germany remained strong despite easing slightly.

24 October 2017
Buys 2335 Shares of Cabot Oil & Gas Corporation (COG)
The stock of Cabot Oil & Gas Corporation (NYSE: COG ) has "Underperform" rating given on Wednesday, January 4 by Bank of America. Washington Trust Bancshares reported 0.69% of its portfolio in Applied Materials, Inc. (NYSE:STI) for 119,927 shares.

24 October 2017
Austria's Kurz launches formal coalition talks with Freedom Party
On Wednesday, Kurz will begin talks with Freedom Party officials on a possible power sharing deal, the Der Standard daily reported Monday.

24 October 2017
IHC suspends warrants for Imran Khan's arrest
Earlier this year, Gulalai parted ways with PTI after leveling allegations of sexual harassment against Imran Khan. She had claimed that she had communicated her grievances to the party leadership but no action had been taken.

24 October 2017
Hitman GOTY Edition Announced, Brings New Campaign, Challenges And More
Each features new "gameplay opportunities, disguises, characters, challenges, gameplay mechanics, AI behaviour and HUD elements". And starting (again) in November, we will reactivate Elusive Targets, this is something our players have been asking for.

24 October 2017
Nicaragua Joins Paris Climate Accord, US and Syria Only Nations Left Out
Nicaragua has become the latest country to agree to the Paris climate agreement, leaving the United States even more isolated. Former United Nations Secretary General Ban Ki-moon said on Monday that Trump was "standing on the wrong side of history".

24 October 2017
Notre Dame destroys USC and likely the Trojans' playoff hopes
The pendulum needs to start swinging back Notre Dame's way (although it doesn't have to be close tonight). This is the first year both are ranked since 2009 when No. 6 USC won at No. 25 Notre Dame (34-27).

24 October 2017
Plans unveiled for Europe's first underwater restaurant
Construction is scheduled to start in February 2018, with the restaurant set to be completed in February/March 2019. It won World Architecture Awards for both the Oslo Opera House and Alexandria Library.

24 October 2017
Danny Rose set to start as Mauricio Pochettino rests players vs
It depends on his evolution. 'We have to assess him every day, see how he is feeling and then decide when he is ready. But Erik Lamela , who has been sidelined for the past year with a hip problem, is not yet ready to return to action.