In 2002, Lands' End , then a successful and profitable direct to consumer catalog and nascent internet retailer, was purchased by Sears Roebuck & Co. for the princely sum of almost $2 billion. That’s when Lands’ End first became a battered and abused retailer, and that abuse hasn’t let up. Federica Marchionni, who exited as CEO of Lands’ End’s on Monday, follows a long line of hapless leaders appointed by Sears Holdings who have failed to manage this brand.
Alan Lacy, Sears’ then CEO, overpaid for the business, having been led to believe that another bidder for the company was waiting in the wings. The reality was that the sole other Lands’ End bidder had long ago dropped out. . . . more