Sears Holdings Corporation (NASDAQ:SHLD) isn’t doing so successful and the company chairman Eddie Lampert knows that. Perhaps that is why he wants to sell one of the company’s assets Lands’ End?
Lands’ End is a mail-order catalog and website that sells everyday casual clothes for the whole family and home goods. Nearly a decade ago, Lampert became the chairman of Sears Holdings which also includes all Sears stores and Kmart stores. He’s now in talks with private-equity companies to find a buyer and apparently hopes to earn up to $2 billion worth in profits. Earlier this year, the company had to shutter 100 to 120 of both Sears and Kmart retail outlets. They also shuttered all of their The Great Indoors stores.
Sears purchased the Lands’ End brand back in 2oo2 for $2 billion. They currently own the entire company including the mail order division, online division, and stores. Many of the Sears retail locations also sell Lands’ End apparel and products in their stores.
An un-noted source disclosed this piece of information about potential plans, “The idea is that Lands’ End would become something like Tommy Hilfiger.”
Lands’ End was created in Chicago back in 1963 and is currently based in Dodgeville, Wisconsin. They currently operate about fourteen bricks-and-mortars stores scattered across the midwest, Japan, and in Europe.
Sears was also launched in Chicago back in 1886. They are currently headquarted in Hoffman Estates, Illinois. It was originally named Sears Roebuck & Company and was originally created as a mail-order catalog before it became a large department store.
Many people blame Lampert for the financial failing of Sears Holdings. In the past seven years he spent as chairman for the company, they have lost substantial ground in the retail industry as major competitors steal the spotlight. It’s probably a good thing that he wants to sell Lands’ End before the company goes out of business.