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.



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