Hudson’s Bay on Wednesday said it is selling its Lord & Taylor department stores to fashion rental subscription service Le Tote for $100m. HBC will receive C$99.5m in cash (about $75m) and a secured promissory note for C$33.2m (about $25m) payable in cash after two years. The company will also receive an equity stake in Le Tote and two seats on its board. As part of the agreement, San Francisco-based Le Tote will acquire the Lord & Taylor brand and take on operation of 38 stores, digital channels and inventory associated with them.
Hudson’s Bay on Wednesday said it is selling its Lord & Taylor department stores to fashion rental subscription service Le Tote for $100m. HBC will receive C$99.5m in cash (about $75m) and a secured promissory note for C$33.2m (about $25m) payable in cash after two years. The company will also receive an equity stake in Le Tote and two seats on its board. As part of the agreement, San Francisco-based Le Tote will acquire the Lord & Taylor brand and take on operation of 38 stores, digital channels and inventory associated with them.
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