The owner of Saks Fifth Avenue is selling off Gilt Groupe, a flash sales website it bought two years ago, and will close its flagship Lord & Taylor store as the company struggles with changes in how people shop for clothes. Hudson’s Bay Co., which owns Saks and Lord & Taylor, is selling Gilt Groupe to Rue La La, according to the companies. The price is well below $100 million, said people familiar with the deal. Hudson’s...

Source: Wall Street Journal June 04, 2018 23:15 UTC