Hudson’s Bay looks to put troubled Lord & Taylor on the block GlobeBusiness
Hudson’s Bay Co. is considering selling its troubled U.S. Lord & Taylor department-store chain.
“This review of strategic alternatives for Lord & Taylor is another example of how we are exploring options to position HBC for long-term success,” said Helena Foulkes, HBC’s chief executive officer since early 2019.HBC has struggled to improve Lord & Taylor’s disappointing results, having raised money this year by selling its iconic flagship store in Manhattan to office-sharing startup WeWork Cos. for $1.1-billion Sales at HBC’s division that includes Lord & Taylor fell 5.
Under Ms. Foulkes, HBC has made a number of bold moves to try to turn around HBC’s fortunes. She oversaw the sale of half of the company’s money-losing European operations and its Lord & Taylor flagship store in New York. She also decided to close unprofitable Lord & Taylor and Saks OFF 5th discount stores and all 37 Home Outfitters outlets in Canada.
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