The news that stunned the retail world a month ago is now a done deal. Sears, Roebuck and Co. announced today that it has acquired 98% of the outstanding stock of Lands’ End Inc. at $62 a share. Lands’ End, one of the leading online and catalog retailers of upscale clothing and home furnishings, is now a division of Hoffman Estates, IL-based Sears. Sears bought the company both for its quality men’s, women’s and children’s clothing, and for its web and catalog expertise.
Sears expects the merger to be completed by Thursday.
"With today's closing, our team now is ready to begin working diligently
to expand Lands' End distribution and offer our customers a compelling
assortment of Lands' End products through multiple channels including online,
Sears stores and catalogs," said Alan J. Lacy, chairman and chief executive
officer. "Starting today, a link from sears.com to landsend.com will provide
cross-shopping opportunities for Sears' and Lands' End customers."
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