August 28, 2019 / 1:28 PM / 3 months ago

Hudson's Bay to sell Lord + Taylor for $100 mln

Aug 28 (Reuters) - Hudson’s Bay Co said on Wednesday it would sell its Lord + Taylor department store operations to San Francisco-based fashion rental subscription service company Le Tote Inc for about $100 million.

The deal comes months after the Hudson’s Bay chairman offered to take the struggling Canadian retailer private in a C$1.74 billion deal.

Hudson’s Bay will get C$99.5 million ($74.95 million) in cash when the deal closes and another C$33.2 million in cash after two years. It will also receive an equity stake in Le Tote and two seats on the firm’s board. ($1 = 1.3275 Canadian dollars) (Reporting by Debroop Roy in Bengaluru; Editing by Anil D’Silva)

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