GENERAL MERCHANDISE NEWS
Sears acquisition confirmed
29 May, 2002 | by Retail Bulletin
US Regulators give approval to Land End takeover
May 29 2002
US retailer Sears, Roebuck has been given a swift clearance by the US authorities for its takeover of the Land Ends clothing business.
Sears has satisfied the conditions necessary to complete its agreed bid. The deal now depends on at least two-thirds of the Land End shareholders accepting its cash tender $62 per share, which values the online and catalogue retailer at around $1.9 bn. The sale is expected to be completed next month. Sears will sell Land End ranges through some of its 870 stores as well as online operation sears.com.
