For those of you who had Lands End stock..you lucky dogs... Wonder if this means you can use your Sears Card in Lands End?.... Sears Roebuck and Co. agreed to buy Lands' End Inc. for $1.9 billion in cash, both companies announced this morning. Sears plans a tender offer to acquire all shares of Lands' End stock at $62 a share, a 22 percent premium to Friday's closing price of $51.02. Lands' End, the nation's largest seller of clothing through catalogues and on the Internet, also sells its products in its stores. Lands' End shares jumped $10.74 to $61.76 when the markets opened, while Sears shares fell 71 cents to $51.10. The boards of both companies have approved the transaction, which they said would be completed by June. Under the terms of the deal, Lands' End would become a wholly owned subsidiary of Sears but would keep its headquarters in Dodgeville, Wis. For Sears, acquiring the Lands' End brand fits into a turnaround strategy initiated by chief executive Alan Lacy in October. Under that plan, the company is shedding 570 brands of clothes to focus on better apparel lines that can lure back customers the company has lost during the past decade. The retailer, based in Hoffman Estates, Ill., hopes to unveil a mega-brand of classic clothes for women, men and children. It plans to introduce Lands' End products into many of its 870 full-line stores by fall and to complete the roll-out by 2003. "Lands' End is a very successful and well-managed company," Lacy said in a statement. "We were drawn to Lands' End's brand strength across all apparel categories, including men's, women's and children's." But even as Sears moves toward selling stronger clothing lines, it plans to focus more on the appliances and tools that made it famous and less on clothing, distancing itself from the "Come see the softer side of Sears" direction launched in 1993 by Lacy's predecessor. Sears, a traditional everything-under-one-roof department store, no longer wants to be a department store. "We're trying to move away from that now," Lacy told analysts recently. "But we're also not trying to become a discounter. We feel we have the opportunity to really be a new Sears."
Good, they can both go bankrupt together. Land's end clothing is, how do I say this tactfully; outdated! And sears is heading the way of monkey wards; if it weren't for craftsman tools, I'd probably never shop there. Just my opinion. Please, don't be offended.
mfactor Land's end clothing is, how do I say this tactfully; outdated! *********************************************************** Do you really care??? I DON'T SHOP STYLE!!! FOR A FACT, I have bought the same socks, pants, shirts, and underwear, from JC PENNEYS store and catalogue for 20+ years...(ocassionally some pocket t-shirts from TARGET).
May be outdated, but don't forget all of us old fogeys who aren't into low slung jeans that show your butt crack...lol. L
I dont wear that, I wear nice stuff, I am slender so I don't have much of a buttcrack and even if I did I don't think it would be legal to wear a thong and baggy pants in public.
Actually, I like Lands End clothing. But they do carry mostly non-trendy clothes. But who can't use a good pair of Chinos?
I like Lands end clothing too... As long as someone else is wearing it! But seriously, I do see a trend here; Wards, Kmart, Sears, Lands End... Look for the fire sales.
"from JC PENNEYS " DITTO FOR WALLYMART, what does that tell you? No offense George, but Walmart sells some real crap.
