DALLAS, May 14, 2002/ FW/ --- On a joint announcement by Sears and Land's End, the two companies revealed that they have entered into a definitive agreement for Seas to acquire the direct merchant in cash tender offer for $62 per Land's End share or approximately $1.9 billion.

Land's End will become a wholly owned subsidiary of Sears upon the completion of the transaction which is projected to be finalized in June.

Gary C. Comer, founder and chairman and other Land's End shareholders have agreed to tender their shares representing approximately 55%the outstanding common stock. The transaction has been approved by both companies but still contingent upon customary closing conditions, including regulatory and other standard approval.

As a result of the acquisition, Sears will start introducing a selection of Land's End products to its 879 full-line stores by fall 2002 and is expected to complete product rollout to stores by the following year.

Even after the completion of the transaction, Land's End will continue to sell its products directly to customers via its catalogs and online store.

Both companies are optimistic with the acquisition. Sears Chairman and CEO Alan J. Lacy said that the opportunity to be the exclusive retail distributor of Land's End merchandise is significant to the Sears' overall apparel strategy.

Land's End's President And CEO David F. Dyer echoed the optimism by saying that the acquisition will allow Land's End to increase the market penetration of the Land's End brand through exclusive retail distribution in approximately 870 Sears stores.