Lands’ End to Sell Stake in Territory Ahead

Lands’ End Inc. said it reached a preliminary agreement to sell its majority interest in Territory Ahead, another catalog retailer. It said it will sell the stake to Bruce Willard, founder, president and chief executive of the Santa Barbara-based company, which sells private-label sportswear, accessories and luggage. The terms were not disclosed. Dodgeville, Wis.-based Lands’ End said Territory Ahead’s annual sales have grown to about $30 million this year from about $6 million when it purchased its majority interest in March 1993. Willard said Territory Ahead plans to expand its retail business over the next couple of years. The sale will close within three months if all conditions in the letter of intent are met, Lands’ End said.