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BREAKING NEWS: Lord & Taylor Sells for $100M to Clothing Rental Service Le Tote
Department-store chain Lord & Taylor is being sold to clothing rental service Le Tote Inc., parent Hudson’s Bay Company (HBC) said Wednesday. Le Tote will pay US$100 million to HBC, acquiring the brand and related intellectual property while assuming operations of 38 stores, digital channels and inventory.
“Following an extensive review of strategic alternatives, Le Tote’s leadership and innovative approach is the best path forward for Lord & Taylor, its loyal customers and dedicated associates,” said HBC CEO Helena Foulkes.
HBC and HBS Global Properties, HBC’s real estate joint venture, will retain ownership of all owned and ground-leased real estate related to Lord & Taylor. For the initial three years, HBC has agreed to backstop Lord & Taylor’s rent payments.
Starting in 2021, HBC and Le Tote will have options to reassess the Lord & Taylor store network. HBC may recapture select locations to determine their highest and best use.
Connect Direct-to-Consumer will bring a confluence of top brands and investors to Santana Row in San Jose on Sept. 23. For more information, or to register, click here.
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- ◦Sale/Acquisition
