Lands’ End Catalog for Sale; No Buyers Yet
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The chairman of catalog retailer Lands’ End Inc., Gary Comer, has put his company up for sale, but hasn’t found any buyers yet, according to the new edition of BusinessWeek magazine.
The magazine, in its May 28 issue, cited unnamed sources as saying that Sears, Roebuck & Co. was looking into acquiring the company last fall, but hasn’t made an offer. It also quoted sources as saying Wal-Mart Stores Inc. and May Department Stores Co. also looked at the company last year.
But the magazine said that the slowing prospects for e-retailing and a potentially high offer price could be making the company a hard sell. According to sources, Comer, who controls 55% of the company, is looking for $50 to $70 a share, BusinessWeek said.
Lands’ End shares closed up 40 cents at $34.65 on the New York Stock Exchange.
Officials at Lands’ End could not be immediately reached for comment.
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