HBC eyes options for Lord & Taylor, including possible sale

BRAMPTON, Ont. ― Hudson’s Bay Co. says it is seeking “strategic alternatives” for the Lord & Taylor banner, with the option of a sale or merger on the table. The company has hired financial advisor PJ Solomon to lead a review of the banner’s assets. “Over the last year, we’ve taken bold actions and made fundamental fixes that have resulted in a far stronger, more capable HBC,” said CEO Helena Foulkes, “having returned to positive operating cash flow, increased profitability and strengthened the balance sheet.” Co-working space landlord WeWork bought Lord & Taylor’s Fifth Avenue flagship location two years ago, and HBC has already announced plans to close up to 10 more locations. The company announced in February it would wind up the Home Outfitters banner in Canada and shutter some 20 Saks Off Fifth outlets in the U.S.