No, it is not owned by Sears anymore but Stanley Black & Decker so its not going anywhere.
You wont find Proto or Facom quality bleeding off into the Craftsman line it has be relegated to homeowner/DIY status.
What made the Craftsman brand decent was they put the contract out for bids and many times got some really good manufacturers. I still have a pro wrench set that was made by SK, they are excellent and will never be seen again with the Craftsman name on them.