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Hudson’s Bay to Sell Lord & Taylor to Le Tote for $100 Million

Aug. 28, 2019, 1:15 PMUpdated: Aug. 28, 2019, 5:36 PM

Hudson’s Bay Co. is selling the operations of its Lord & Taylor department store chain to clothing rental subscription company Le Tote for $100 million, the companies announced Aug. 28.

Of the total, a quarter will come in the form of a promissory note payable in cash after two years. Additionally, Hudson’s Bay will take a 25% stake in Le Tote, becoming its biggest investor, according to founder and Chief Executive Officer Rakesh Tondon.

Le Tote will operate 38 Lord & Taylor stores, according to the statement. Another five are set to shut down, according to a person familiar with...

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