The companies who supplied Craftsman are all in trouble. Craftsman is going away or at least, the marketing that made Craftsman successful is going away.
Companies like the old SK who were surviving on their Craftsman contracts, needed to invest their profits into making better products for when the famine came. They didn't. They pocketed the profits, invested nothing, and now they are no more. Are we supposed to shed a tear for them?
The US auto industry did the exact same thing. They made gobs of money in the post war years. They cornered the market in heavy industrial manufaturing. But as times changed, markets changed, competition increased and the cost of fuel increased, they failed or refused to change.
Western Forge has been making the same ****** screwdrivers for like 30 years. Craftsman's demise was easily predicted. Where is their research? What have they patented?
Old SK invented the round head ratchet in like 1930, then went engineering silent for 80 years. Imagine that- no development in 80 years. Meanwhile companies like Koken are patenting new types of sockets, innovating extensions, anticipating future demands for low access tooling.
Nobody can compete with Snap On. But at least take a page out of their playbook. Do some research before you turn an engineer loose with a CAD package and say "design something cool looking (x-wrench)". Snap On researches, protoypes, tests, conducts market studies, on a scale no one can compete with. But Koken doesn't have their cash. Nor did Gearwrench when they started.
Quirky, gimmicky tools (x-wrench) worked okay for Sears. Wives and daughters bought that stuff for Dads and husbands while they were at the mall. That flashy impulse buy is over. Internet shoppers are all about finding the lowest price. If you want to charge more, you've got to sell your stuff.
All the second tier US tool manufacturers are in trouble. Its 1970's Detroit all over again. Asian makers are supplying decent quality at low prices. I hear the same "buy American" pleas I heard then. It didn't work then and won't work now. If US businesses want to survive, they have to produce high quality, innovative products at the right price.