New York City - March 15, 2005
Sears, Roebuck and Co. is seeking a buyer for its Lands’ End division at an asking price below the $1.9 billion it paid in 2002, according to a report in Women’s Wear Daily (WWD).
Citing financial sources in the mergers and acquisition community, WWD said that Sears had put a price of $1.2 billion on Lands’ End in presentations it made to a few select companies and individuals.
Texas Pacific Group, majority stakeholder of J. Crew, is one of those said to be interested in the company, WWD reported.
Also named was David Dyer, president and chief executive of Tommy Hilfiger Corp., and former president and CEO of Lands’ End.
Both Tommy Hilfiger and Texas Pacific Group declined to comment. Sears, whose shareholders are set to vote on its proposed merger with Kmart Holding Corp. on March 24, also declined to comment.
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