Sears Completes Acquisition Of Lands' End, Inc.

Sears, Roebuck and Co. (NYSE: S) has completed its acquisition of Lands' End, Inc. (NYSE: LE). On June 17, 2002, Inlet Acquisition Corp., a wholly owned subsidiary of Sears, was merged with and into Lands' End, resulting in Lands' End becoming a wholly owned subsidiary of Sears.

As a result of the merger, each outstanding share of Lands' End common stock (other than shares held by Lands' End as treasury stock or by Sears and any of its subsidiaries, and other than shares held by any stockholders who properly exercise their appraisal rights under Delaware law) was converted into the right to receive $62 net to the holder in cash, without interest. Sears had previously accepted approximately 98 percent of the Lands' End outstanding shares pursuant to a tender offer that expired on June 14, 2002. On or prior to June 27, 2002, Mellon Investor Services LLC, the Exchange Agent for the merger, will mail to remaining Lands' End stockholders materials to be used to surrender stock certificates for payment. Lands' End stockholders are urged to read these materials in full, as these materials contain important information regarding their appraisal (including their obligations to exercise such rights) rights and the merger.

Sears, Roebuck and Co. is a broadline retailer with significant service and credit businesses. In 2001, the company's annual revenue was more than $41 billion. The company offers its wide range of apparel, home and automotive products and services to families in the U.S. through Sears stores nationwide, including approximately 870 full-line stores. Sears also offers a variety of merchandise and services through its Web site, Lands' End, a direct merchant of traditionally styled, classic casual clothing serving customers through catalogs and online at, is a wholly owned subsidiary of Sears. In fiscal year 2002, Lands' End annual revenue was approximately $1.6 billion.


SOURCE: Sears, Roebuck and Co.

CONTACT: Peggy A. Palter of Sears, Roebuck and Co., +1-847-286-8361

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