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)