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Sears shares up as retailer launches movie service
Shares of Sears Holdings Corp., (Nasdaq: SHLD) which operates Kmart and Sears, Roebuck and Co. stores, rose on Tuesday after the owner of Sears and Kmart said it was officially starting to promote an online movie download service under its own brand.
Sears is using Sonic Solutions’ RoxioNow movie service, the same one Best Buy Inc. uses under CinemaNow brand. Sears will be selling the service under the Alphaline brand. The ability to play movies and TV shows from RoxioNow is being built into some TVs, Blu-ray players and portable media players.
“Collaborating with Sonic provides a great opportunity for Sears and Kmart to launch digital services for customers seeking even faster access to the latest in home entertainment experiences,” said Karen Austin, president of consumer electronics for Sears and Kmart.
Sears shares rose $1.60, or 2.3 percent, to $70.02 on Dec. 28. The stock has traded between $59.21 and $125.42 during the past 52 weeks.
–Compiled by Marcus Woolf
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