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HBC sells Lord + Taylor to Le Tote

12
Nov '19
Pic: Shutterstock
Pic: Shutterstock
Hudson's Bay Company (HBC) recently sold Lord + Taylor to fashion rental subscription service Le Tote for $75 million in cash and a secured promissory note for $25 million payable in cash after two years, subject to customary adjustments. HBC now holds an equity stake of 25 per cent in Le Tote and a right to designate two members to its board of directors.

Le Tote has acquired the Lord + Taylor brand and related intellectual property, as well as assumed operations of 38 stores, Lord + Taylor digital channels and the associated inventory. In addition, Le Tote has hired the vast majority of Lord + Taylor’s associates, according to a company press release.

Founded in 1670, HBC is a diversified retailer focused on driving the performance of high-quality stores and their omni-channel platforms and unlocking the value of real estate holdings. It is the oldest company in North America.

HBC will maintain economic responsibility for the rent payments owed by Lord + Taylor at the 38 locations operated by Le Tote for the initial three years post-closing.

Starting in 2021, HBC and Le Tote will have options to reassess the Lord + Taylor store network, which may include HBC recapturing select locations to determine their highest and best use, including possible redevelopment into mixed-use properties, which is an inherently complex, capital intensive, long-term project.

Fibre2Fashion News Desk (DS)


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