HBC exploring strategic alternatives for Lord and Taylor business

TORONTO — Hudson’s Bay Co. says it’s pursuing strategic alternatives for its Lord and Taylor business, including a possible sale or merger.

HBC says Lord and Taylor had $1.4 billion in annual revenue in 2018.

The Lord & Taylor chain has more than 40 stores in the northeastern and mid-Atlantic regions of the United States as well as its online business.

HBC chief executive Helena Foulkes says the retailer is exploring options to position itself for long-term success.

HBC previously announced in February that its Canadian retail banner, Home Outfitters, will be discontinued and its 37 locations will be closed this year and that about 20 Saks Off Fifth locations will be closed in the United States.

Foulkes says Lord and Taylor remains committed to serving customers across its stores and digital channels throughout the review.

Companies in this story: (TSX:HBC)

The Canadian Press