A storied department store chain founded in 1826, billed as the oldest in the U.S., Lord & Taylor had been exploring other options as well as filing for bankruptcy. Fashion rental service start-up Le Tote acquired Lord & Taylor last year from Saks Fifth Avenue owner Hudson's Bay Company for $100 million. "HBC, either entirely or through a joint venture, will retain ownership of all owned and ground-leased properties related to Lord + Taylor," HBC said. One of the world's oldest department store operators, it was founded by two English immigrants on the Lower East Side in New York City. Lord & Taylor opened its flagship store on Manhattan's Fifth Avenue in 1914, and became known for upscale fashion and its holiday window display.

Source: CBC News August 04, 2020 17:57 UTC