Hudson’s Bay Company completes sale of Lord & Taylor to Le Tote
Hudson’s Bay Company has completed the sale of the Lord & Taylor department store chain to Le Tote.
The business has been sold to the fashion rental subscription company for $75 million in cash and a secured promissory note for $25 million that will be payable in cash after two years.
HBC has also received an equity stake of around 25% in Le Tote and has the right to designate two members to Le Tote’s board.
Le Tote has acquired the Lord & Taylor brand, intellectual property and the operations of 38 stores. The sale also includes Lord & Taylor’s digital channels and inventory.
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