Hudson’s Bay Sheds Another Lord & Taylor Store
Hudson’s Bay Co. in April 2018 will shutter its Lord & Taylor location in Skokie, IL at the Old Orchard shopping center. The 119 store associates will be offered transfer opportunities where available, Hudson’s Bay spokeswoman Spencer Waybright told Retail Dive in an email. Richard Baker, HBC governor, executive chairman and interim CEO, this week told analysts the company had recently sold two Lord & Taylor leases back to their landlords, generating proceeds of $23 million. “These activities are an integral aspect of our long-term strategy to highlight and realize the value of our assets,” he said, according to a transcript from Seeking Alpha. Those moves come as the Canadian department store company on Dec. 1 reached an agreement with hedge fund Land & Buildings Investment Management LLC, paving the way for the company’s plans to sell its New York Lord & Taylor flagship to workspace-sharing startup WeWork. Read more at Retail Dive.
