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Sources of Capital Paper - Lands End Brief History Lands End Inc is a retail catalog store specializing in traditional casual apparel for men women and children It also sells accessories home goods luggage and corporate gifts to its primarily middle-aged customers In 1963 Gary Comer introduced Lands End a Chicago-based mail-order supplier of sailboat hardware and equipment Early in the companys existence only one catalog was generated annually As a result of positive responses and inquiries from their customers duffel bags luggage clothing for boating and finally general clothing lines were added and more catalogs were produced Comer began to focus primarily on clothing and soft luggage in 1976 and removed sailboat hardware from the catalogs entirely by the following year By 1979 the company relocated its warehouse and operations to Dodgeville Wisconsin where it still resides today Hoovers Online 2003 Sources of Capital Since the companys sales peak during seasonal times of the year they need to meet their inventory requirements to obtain much of their working capital Working capital for Lands End is generated from company operations as well as short-term bank loans They are then able to upgrade their assets and purchase treasury stock During fiscal year 2001 28 million was spent on treasury stock To compare 45 million was used to purchase treasury stock in fiscal year 2000 Additionally common stock is purchased from the companys board of directors Since fiscal year 1990 over 147 million shares of common stock have been purchased In fiscal year 2001 approximately 127 million shares were bought and about 2 million shares were authorized for purchase by the company Lands End 2001 Common stock for their shareholders is another key capital source During fiscal year 2001 The company authorized the issuance of 160 million shares of 001 par value common stock The company is authorized to issue 5 million shares of preferred stock 001 par value Lands End
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