Sears, Roebuck and Co. today announced it has acquired all rights to the Structure® brand from Limited Brands, Inc. Specific terms were not disclosed, however the financial consideration was less than $10 million.
"We are clearly focused on strengthening and broadening our apparel offering to new and existing customers," said Mindy Meads, Sears executive vice president, apparel. "That focus means continually adding new brands and merchandise that are in fashion and relevant. Acquiring the rights to Structure, which carries strong loyalty among its followers, is a great opportunity for Sears as it complements our existing private brand portfolio."
Sears anticipates Structure merchandise to be in Sears stores by year-end 2004.
Structure fits well with Sears' other national and private apparel brands including Lands' End, which was successfully rolled out to all Sears full-line stores nationwide this fall; Apostrophe, the company's lifestyle collection with a feminine, fashionable career emphasis; Covington, Sears' updated casual brand created for the family; and CRB, the company's private brand of trend- right denim for juniors and young men. Last week, Sears announced the launch of a new women's apparel line by Lucy Pereda, a Latina fashion designer and lifestyle expert.
Sears, Roebuck and Co. (NYSE: S) is a broadline retailer with significant service and credit businesses. In 2002, the company's annual revenue was $41.4 billion. The company offers its wide range of apparel, home and automotive products and services to families in the U.S. through Sears stores nationwide, including approximately 870 full-line stores. Sears also offers a variety of merchandise and services through its Web sites, sears.com and landsend.com, and a variety of specialty catalogs.
SOURCE: Sears, Roebuck and Co.
CONTACT: News Media, Lee Antonio, +1-847-286-5569, or Investors, Pam
White, +1-847-286-1468, both of Sears, Roebuck and Co.
Web site: http://www.sears.com/