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Sears resumes trade sharply higher after report that bids for Craftsman business due by end of month


Shares of Sears Holdings spiked after a report that bids for the company's Craftsman business are due by the end of October.

Bloomberg reported on Tuesday that bidders included Stanley Black & Decker and Hong Kong-based Techtronic Industries. Sources told Bloomberg that final offers might value Craftsman near $2 billion.

The company said in May that it was "exploring alternatives" for Craftsman and other brands.

The stock had initially been halted for volatility. Shares spiked as much as 20 percent in intraday trade, but pared those gains to close more than 6 percent higher.

Sears and Black & Decker declined to comment to CNBC.

Read the full report on Bloomberg.