Thread regarding Sears layoffs

Lands' End CEO Expects Sears Business to 'Go Away'

By PHIL WAHBA January 9, 2018

Add Lands’ End (LE, -0.80%)CEO Jerome Griffith to the list of people not banking on Sears’ future.

The clothing maker, best known for its kids’ uniforms and outdoor clothing, plans to open as many as 60 of its own stores in the next five years, up from a current count of about 14 globally, to reduce its reliance on Sears (SHLD, -8.77%), its one-time sister company whose sales are in free fall.

As of now, Lands’ End has shops at 180 Sears stores, down from 227 two years ago, and Griffith is not holding his breath for things to get better there,

“It’s our expectation that our Sears business at a point in time will go away and that we’ll be talking directly to the consumer through our own stores,” Griffith said on Monday at the ICR investor conference. Online sales and direct sales represent the lion’s share of Lands’ End total revenue but retail remains a key source of business.

Sears Holdings (SHLD, -8.77%), which bought Lands’ End in 2002 for about $2 billion and then spun it off in 2014 as part of the bid to raise much needed cash, last week announced the closing of 103 Sears and Kmart stores, and last year admitted in its annual report that many had doubts about its future viability. Comparable sales declines have grown worse of late.

The trickle-down effect on Lands’ End has been brutal: revenues fell in each of its last five full fiscal years though Wall Street expects sales to tick up slightly to $1.36 billion in the fiscal year ending later this months. And Griffith laid out his plan for Lands’ End to get up to between $1.8 billion and $2 billion within five years.

Before becoming part of Sears, a deal that at the time promised to vastly expand Lands’ End distribution, the company was innovative. “That kind of went away during the ownership of Sears,” he said but noted Lands’ End can be a pioneer again. He touted its recent partnership with the Weather Channel, whose meteorologists are clad in Lands’ End gear, as well as a new contract with Delta (DAL, -0.93%) to which it is providing uniforms.

Griffith, who took the reins last year after his predecessor’s attempts to take Lands’ End more upscale bombed, makes it clear the company will takes it fate in its own hands.

“We will not be relying on Sears in the future for growth fur us,” he said. “We’ll be relying on ourselves.”

by | Post ID:
545 views | 5 replies (last )
Comment! It's anonymous! Reply to this post anonymously by submitting the form near the bottom of the page!

5 replies (most recent on top)

LOL, Eddie has been buying up Lands End all over again.

Check the market records, RBS partners (owned by Eddie Lampert and ESL) has been slowly buying back LE, this article makes no sense. Eddie owns 40% or more of Lands End through RBS, and more through SHLD and his personal holdings.

Eddie BOUGHT 3,000,000 shares of LE in 2017 with his personal money, that on top of RBS and on top of SHLD holdings. Follow the money people.


Look it up yourself, you guys just don't get how the game is played, do you?

Look, if you have any money, even $600, buy some SHLD stock, do it ASAP and make some money.

by | Post ID:

Lands end is moving from our store to another larger owned sears store

by | Post ID:

Lands End is busy, but not that busy sorry.

by | Post ID:

Go apply now

by | Post ID:

I sorta almost envy Lands' End associates a little then. They tell us Sears/Kmart people that we can apply for another store, but what's the point if they're just going to close at some point, too. But if Lands' End can open independent stores and make it on its own, then maybe their associates working within Sears might have a better place to move on to at some point if they wanted to stay with Lands' End.

by | Post ID:

Post a reply


Related pages

apple st johns town centerschlumberger stock historyboots pharmacy locationscummins distributorsbeth israel deaconess plymouth macsc computer sciences corporationtime warner cable jobs ohiorural metro scottsdalemeg energy corporationotis united technologiesbridgewater interiors warren micitrix bangalorezirmed louisvillewww rubiconproject comnyc aeropostalehds white cap construction supplybj s wholesale careersat&t wireless account managerwest hills college bookstorecolgate palmolive mumbaim.timesofindia.comagco duluth gapowell industries houstonpfizer rumorsburlington coat factory vawestern potashfisv stock quotedrill quip houstonjabil circuit tampatarget burlington hoursapple store partridge creek mallnational oilwell varco human resources phone numberus steel tickerstock quote bank of nova scotiaexl service holdingsaetna employment verificationavaya bankruptcyverizon store wilmington ncwoodward govenerl3 layoffoptimum stores njpanera near me nowchevron salarylou gerstnermicron chinaoffice depot headquarters boca ratontransdigm groupsysco foods houston tx319-356-1616sears wolfchasedril quip singaporeverizon assistant manager salaryconocophillips jobs bartlesvilleworking at northrop grummanjones lang lasalle company profilebank of new york mellon layoffshoneywell aerospace engineer salarysm energy billingsrural metro corporate officejourneys southlake mall gadarwin professional underwritersverizon wireless layoffslkq inclowes store managersitt technical institute south bendhbt jobsfollett woodridgewal mart bentonvillel3com jobsintel acronymsjonny morris