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US: Hudson’s Bay considering sale of Lord & Taylor

By  |  May 6, 2019

Hudson’s Bay said it is pursuing strategic alternatives for Lord & Taylor, including a possible sale or merger of the department-store chain.

The discussions center on the operating business, not the real estate, which includes about 40 stores along the East Coast, a person familiar with the situation said.

Separately, Hudson’s Bay Chairman Richard Baker has been sounding out landlords about buying back leases and also discussing plans to redevelop some sites without Lord & Taylor, according to people familiar with the matter.

Canada-based Hudson’s Bay, which also owns Saks Fifth Avenue, said Monday the review is part of a strategy to focus on its best opportunities. Last year, it sold half of its European operations, as well as the flash-sale site Gilt Groupe. In February, it said it would close its Home Outfitters business in Canada and as many as 20 Saks Off 5TH stores in the U.S.

“This review of strategic alternatives for Lord & Taylor is another example of how we are exploring options to position HBC for long-term success,” said Helena Foulkes, Hudson’s Bay’s chief executive.

Full Content: Wall Street Journal

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