Dodgeville, WI—It’s official: Lands’ End is back on the board at NASDAQ trading under the “LE” now a separate entity from Sears Holdings Corp.
In a deal announced in December, Sears Holdings said it would divest Lands’ End as part of its wider efforts to improve its financial situation. As a result of the spin off, Sears Holding has received $500 million dividend paid by the newly separated Lands’ End.
But Connections Remain…
Sears acquired Lands’ End for $1.9 billion in 2002. Lands’ End has been one of Sears Holdings better holdings of late, reporting $79 million in net income last year, a 58% increase over the prior year.
Meanwhile, Sears has been trying to stem many quarters of losses. In February it reported a narrowed fourth quarter loss of $358 million, giving it a $1.4 billion loss last year.
While Lands’ End will official its own company, there are still stills to Sears Holdings. Namely its 275 shops located inside Sears stores. Those stores account for about 15% of Lands’ End sales with the other 83% coming from its online and direct mail catalogs.
Lands’ End also is tied to Sears’ information technology system which provides services such as customer loyalty, credit and gift card processing.
Not to mention, Sears Chairman/CEO Edward Lampert’s hedge fund still holds a 48.% stake in Lands’ End—similar percentage to the stake his fund holds in Sears.
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