Retail operator Hudson’s Bay said Monday it is considering strategic alternatives for ailing department store chain Lord & Taylor, including a possible sale.
The Canadian company, which acquired Lord & Taylor, wants to invest in its better-performing businesses Saks Fifth Avenue and Hudson’s Bay, according to Hudson’s Bay CEO Helena Foulkes. Both “present the greatest opportunities for long-term growth,” she said in an April earnings call.
Hudson’s Bay in February sold Lord & Taylor’s flagship Fifth Avenue building, which the retailer had occupied for more than a century, to space leasing company WeWork for $1.1 billion. Lord & Taylor has 40 remaining stores in the U.S., mostly on the East Coast. The retailer had about $1.4 billion in revenue in 2018… CBS News