The owner of the Lord & Taylor department store chain, Hudson’s Bay Company has found a buyer for the retailer, according to a report published by WWD.
Fashion rental service Le Tote will purchase Lord & Taylor for US$75 million. The deal is expected to close in the final quarter of the year.
“We’re excited to have reached an agreement with Le Tote that creates a new model for Lord & Taylor, bringing together fashion rental subscriptions with traditional retail,” Helena Foulkes, CEO of Hudson’s Bay said in a statement, per WWD. “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.”