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Sears Agrees To Acquire Lands39 End

Sears Agrees To Acquire Lands' EndSears Roebuck and Co., Hoffman Estates, Ill., and Lands End Inc., Dodgeville, Wis., have entered into an agreement by which Sears will acquire Lands End in a cash tender offer of $1.9 billion.The transaction, expected to be completed in June, has been approved by both companies Boards of Directors. It is dependent upon customary closing conditions, including regulatory and standard approvals.Lands End will become a wholly owned subsidiary of Sears and will continue to offer its full product range on-line and through its catalogs. Sears plans to introduce a range of Lands End products into stores by Fall 2002, with complete product rollout expected by Fall 2003.Alan J. Lacy, Sears chairman and CEO, said, Lands End is a very successful and well-managed company. We can help accelerate the growth of the Lands End business through Sears extensive customer relationships. June 2002