Sears, Roebuck and Co. has agreed to purchase catalog retailer Lands’ End for $62 per share, or approximately $1.9 billion. Upon completion of the transaction — expected in June — Lands’ End will become a wholly owned subsidiary of Sears.

Hoffman, Ill.-based Sears will introduce a selection of Lands’ End products into many of its 870 full-line stores by fall 2002, with a complete product rollout scheduled to conclude by fall 2003. Products to be offered include men’s, women’s and children’s apparel from Lands’ End, as well as footwear, accessories and housewares. Lands’ End also will continue to sell its complete product line through its catalogue and Web site.

According to executives, the acquisition of Lands’ End is a significant opportunity for Sears, which is better known for its hardware and appliance offerings, to strengthen its overall apparel strategy.

David Dyer, president and CEO of Dodgeville, Wis.-based Lands’ End, will continue to lead the business after the transaction closes and will assume responsibility for Sears’ existing customer-direct business, including sears.com, catalogs and specialty merchandise. He will report to Sears’ chairman and CEO Alan Lacy.