It can be difficult to watch longtime retail brands struggle and slowly disappear because, to many shoppers, these chains represent more than just stores. They’re often tied to personal routines and family traditions, such as back-to-school shopping trips and weekend errands, which have become part of everyday life.

So, when a retailer begins closing locations or scaling back, it can feel like more than a business decision. For many communities, the decline of recognizable chains is also a reminder that even the most established brands aren’t permanent, and that their struggles can affect local economies, jobs, and consumer access.

Over the last few years, cautious consumer spending has weakened sales and reduced foot traffic across many retail chains. At the same time, the continued rise of e-commerce has forced even long-established brands to close stores and rethink their strategies to better align with evolving consumer expectations.

As a result, many apparel brands are increasingly turning to joint ventures as a new survival strategy. Partnering with larger firms allows companies to accelerate growth by entering new markets, sharing costs and risks, and gaining access to a partner’s resources, expertise, and technology.

“Fashion is all about making the old new again, and the well-established concept of a joint venture as a mechanism to extend a brand’s global reach is currently on trend,” said BCL Global Department Leader for Corporate & Finance Transactions Carol Osborne to Drapers.

Now, another historic brand is joining that trend.

Founded in 1963 as a mail-order watch supply company in Chicago, Lands’ End (LE) evolved into a retailer of apparel, swimwear, outerwear, accessories, footwear, home products, and uniforms by 1978. Today, the company operates about 26 stores nationwide and sells through its e-commerce platforms as well as multiple third-party distributors.

Lands’ End forms joint venture with WHP Global

Lands’ End has entered a joint venture with WHP Global, under which the firm will acquire a 50% controlling stake in the brand for $300 million, according to the company’s press release.

As part of the agreement, WHP Global will receive all of Lands’ End’s intellectual property and related assets, including its licensing business. Lands’ End will retain full operational control of its existing direct-to-consumer and B2B operations.

The transaction aims to strengthen Lands’ End’s balance sheet by enabling full repayment of its term loan of approximately $234 million as of January 26, 2026, while allowing the company to continue participating in long-term brand growth. The deal also aims to maximize Lands’ End’s value by leveraging WHP Global’s platform capabilities and global licensing network.

“After carefully reviewing the full range of strategic alternatives available to the Company, the Board determined that this structure delivers Lands’ End stockholders superior long-term, risk-adjusted value by combining immediate balance sheet strength with retained upside and operational continuity,” said Lands’ End Chair of the Board of Directors Josephine Linden. “We look forward to working with WHP Global to capture the great opportunity ahead.”

WHP Global’s portfolio includes more than 15 brands across fashion, sports, and hard goods. It generates more than $7 billion in global retail sales across 80-plus countries and upwards of 225 license partners.

Lands’ End and WHP Global form a joint venture.

Shutterstock

Lands’ End sale speculation

This joint venture follows months of speculation about a possible sale of Lands’ End. On March 7, 2025, the company disclosed that its board of directors had initiated a review of strategic alternatives, including a potential sale, merger, or similar transaction, according to its Form 8-K for the second quarter of 2025.

Earlier this year, reports surfaced that Authentic Brands Global and WHP Global had submitted bids to acquire Lands’ End, according to Reuters.

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The company has also faced pressure from its largest shareholder, Edward Lampert, who reportedly urged the board to pursue a sale in February 2025, The Wall Street Journal reported.

Lampert, who controlled about 55% of the company at the time, also said he would seek a buyer for his stake if the board declined to sell the business outright.

Meanwhile, Lands’ End has continued to face sales declines in certain areas of its business. During the third quarter of fiscal 2025, net revenue decreased 0.3% year over year to $317.5 million, including a 3.4% drop in U.S. e-commerce sales.

Lands’ End store closures

Lands’ End has quietly closed multiple locations in 2025 and has already scheduled closures for 2026.

Recent Lands’ End store closures

  • The Center at Preston Ridge in Frisco, Texas: Closed in October 2025 due to financial performance issues, per The Dallas Morning News
  • Congressional Plaza in Rockville, Maryland: Closed in January 2026 after the company was unable to reach a new lease agreement, Store Reporter noted
  • Christiana Fashion Center in Newark, Delaware: Closed in January 2026, with no specific reason disclosed, Delaware Online reported

These closures appear to be part of a broader effort to streamline operations and eliminate underperforming locations, allowing the company to focus on more profitable distribution channels, particularly digital sales, which account for the majority of its revenue.

“Traffic increases in our U.S. consumer business were up 25%, driven by digital channels, social, and search, with the most U.S. e-commerce website third-quarter visits ever, a very positive indicator heading into the holiday season,” said Lands’ End CEO Andrew McLean in an earnings call.

In its full-year fiscal 2024 results, Lands’ End said it plans to prioritize its digital business and operations, continue leveraging its asset-light licensing model, and expand its market-leading Outfitters division.

Online shopping reshapes the retail landscape

The rapid growth of online shopping has reshaped consumer behavior, offering shoppers convenience and accessibility that traditional retail stores often struggle to match. As e-commerce expands, brick-and-mortar footprints continue to shrink, pushing the industry closer to a future where physical locations play a smaller role.

Online shopping continues to dominate the U.S. retail landscape. With 84.3% of Americans shopping online, U.S. e-commerce spending reached $1.34 trillion in 2024 and is projected to surpass $2.5 trillion in 2030, according to Capital One Shopping.

In 2024, U.S. online sales accounted for 22.3% of global e-commerce spending, up nearly 1.5% from the year prior, and are expected to reach $1.47 trillion in 2025.

Despite these gains, physical stores continue to play a crucial role for retailers seeking to create unique in-person shopping experiences.

“Stores are valuable assets,” said EY Global Consumer Senior Analyst Jon Copestake to CX Dive. “If you were to consider cutting or eliminating store footprints because of the rise of online and the rise of AI buying, etc., then you may be missing a significant trick.”

Still, as retailers like Lands’ End reduce their physical footprint to strengthen profitability, even small-scale closures can have major consequences.

“For shoppers, widespread store closures can reduce convenience, especially in smaller towns, said Retail Insights Network Financial Reporter Mohamed Dabo. “In the U.S., location losses may even create ‘retail deserts’ where travel of up to 20 miles becomes necessary for everyday shopping.”

The consequences of store closures

The impacts of these closures extend beyond convenience. The retail industry is the largest private-sector employer in the country, contributing $5.3 trillion to the annual GDP and supporting more than one in four U.S. jobs, which totals 55 million workers, according to the National Retail Federation.

“Thousands of workers are losing their jobs, many of them in communities where retail employment has historically been one of the biggest anchors,” said Approved Funding President and Chief Lending Officer Shmuel Shayowitz. 

“Vacant storefronts are becoming an increasingly common sight, and declining commercial property values are the norm. And for consumers, the fallout means fewer choices, diminished access to in-person shopping, and, in some cases, higher prices due to reduced competition.”

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