The century-old Lord & Taylor store on New York's Fifth Avenue,is going to shut down next year and become a WeWork space. Hudson's Bay (HBAYF), the Canadian-based owner of Lord & Taylor and Saks Fifth Avenue, agreed last October to sell the Fifth Avenue store to WeWork for $850 million. After that, approximately 150,000 square feet of the building would continue to be run as a scaled-down Lord & Taylor. Walmart announced last November that Lord & Taylor will have a flagship store on Walmart.com. Lord & Taylor and Hudson's Bay may need all the help they can get from Walmart in the online world.

Source: CNN June 05, 2018 16:27 UTC