Any sale would include the caveat that the new owner would license the Lands' End brand back to Sears, according to the New York Post, citing an unnamed source. The source told the publication that Lands' End would "become something like Tommy Hilfiger," which is only carried by Macy's stores in the U.S. ( Read more: "Observers skeptical new CEO can spruce up Sears" ) Sears' predecessor Sears, Roebuck & Co. purchased Wisconsin-based Lands' End in 2002 for $1.9 billion with the hopes of attracting more affluent customers and boosting its apparel business. Last month, Sears reported a $2.4 billion quarterly loss and its 19th consecutive quarter of declining sales.