Hudson's Bay Co said on Wednesday it would sell its Lord + Taylor departmen...
) said on Wednesday it would sell its Lord + Taylor department store business to fashion rental service company Le Tote Inc for about $100 million, as the retail operator culls its portfolio to a few key brands.
Le Tote will pay Hudson’s Bay C$99.5 million in cash when the deal closes and another C$33.2 million in cash after two years. Hudson’s Bay will receive a 25 percent equity stake in Le Tote and two seats on the company’s board. A special committee of Hudson’s Bay’s board said Baker’s offer for the company was “inadequate,” while shareholders, who must approve the deal, have opposed it because it does not provide enough value.
Under the deal, Le Tote will acquire the Lord + Taylor brand and related intellectual property, while assuming operations of 38 stores, Lord + Taylor’s digital channels and the associated inventory.
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