Chain Store Age
The nation’s oldest department store company is being acquired by an apparel rental service that was founded some seven years ago.
Hudson’s Bay Company said it will sell Lord & Taylor to Le Tote for $100 million. The Canadian department store giant will be paid C$99.5 million (US$75 million) in cash after the deal closes and a secured promissory note of C$33.2 million (US$25 million) payable in cash after two years. In addition, Hudson’s Bay will receive an equity stake in Le Tote, two seats on its board and certain rights as a minority shareholder.. . . more