Le Tote to bag Lord & Taylor
Clothing rental subscription service Le Tote has agreed to buy Lord & Taylor from Hudson's Bay for $100 million. The deal will allow the department-store chain to continue operating its 38 stores — at least for now. Hudson's Bay will receive $75 million in cash (CAD$99.5 million) when the deal closes and a secured $25 million promissory note after two years, per CNBC. Department stores have suffered as mall traffic dwindles, while the apparel-rental market is expected to grow more than 20% a year.