Lands’ End is breaking up with Sears for Amazon

“We’re not in their long-term plans, and they’re not in ours,” said Lands’ End CEO about Sears

TRD NATIONAL /
May.May 12, 2019 04:00 PM

(Credit: iStock)

Lands’ End is reducing its physical presence and reinforcing its efforts to sell clothing in the virtual world.

The casual apparel retailer is closing its retail spaces inside Sears stores and has started selling some products online through Amazon, the Chicago Tribune reported.

Wisconsin-based Lands’ End is preparing to close its last 40 retail locations inside Sears stores, down from 174 about a year ago. “We’re not in their long-term plans, and they’re not in ours,” Lands’ End CEO Jerome Griffith told the outlet.

Sears acquired Lands’ End for $1.9 billion in 2002, then spun off the apparel retailer as an independent company in 2014, which brought Sears a cash dividend of $500 million and recurring lease income from Lands’ End locations embedded in Sears stores. But little overlap between Sears customers and Lands’ End customers hobbled efforts by each retailer from benefit from the traffic of the other at co-locations, according to Griffith.

The largest shareholder of Lands’ End remains investor Edward Lampert, who bought Sears out of bankruptcy this year and previously served as Sears’ chief executive officer.

Online and catalog sales still comprise most of the revenue for Lands’ End with only 8.4 percent of its revenue last year coming from stores, including locations inside Sears. [Chicago Tribune] – Mike Seemuth


Related Articles

arrow_forward_ios
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
Peter Nicoletti and Colliers' David Amsterdam

Colliers taps JLL’s Peter Nicoletti to lead capital markets

Colliers taps JLL’s Peter Nicoletti to lead capital markets
City Council member Keith Powers (Getty)

Pol, biz groups: Suspend rent tax, extend outdoor dining

Pol, biz groups: Suspend rent tax, extend outdoor dining
Only 9 percent of workers had returned to Midtown and 8 percent to Downtown. (iStock)

Where is everybody? City workers still home

Where is everybody? City workers still home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...