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A shakeup of uncertain proportions is expected at AOL Time Warner following Thursday's annual shareholder meeting in New York, the Financial Times reported. Incoming chief executive Richard Parsons is due to receive results of a three-month strategic review of the online and media giant. Parsons has said the firm needs to be restructured. But he has resisted the idea of splitting it back into two, despite investor concerns over AOL's falling ad revenues, which have contributed to a 60 percent drop in share prices since last year's merger.

Ending years of speculation, Sears Roebuck announced it will acquire traditional-apparel and home-goods retailer Land's End Inc. for $1.9 billion. The latter sells mostly through catalogs and the Internet, but also operates outlets in the US, Britain, and Japan. It will become a wholly owned subsidiary, keeping its chief executive, its catalog and online sales operations, and its Dodgeville, Wis., headquarters. Land's End brand merchandise will begin appearing in Sears stores by autumn, reports said. Sears is the US's fourth-largest retailer but has been losing apparel sales to major discounters such as the Wal-Mart and Kohl's chains.

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