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

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

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

The stock had initially been halted for volatility. Shares soared more than 16 percent in intraday trade.

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