Canadian retail operator Hudson’s Bay Co. said yesterday that it was pursuing strategic alternatives such as a sale or merger for its department store Lord + Taylor, which has struggled to attract shoppers, Reuters reported. Lord + Taylor, founded in 1826 and the oldest U.S. department store, has seen its fortunes fall while Hudson’s Bay’s luxury department store Saks Fifth Avenue has managed to increase sales.Hudson’s Bay said in a prepared statement that its plans to find a buyer for Lord + Taylor is part of efforts to focus on its “greatest opportunities.” Co-working space landlord WeWork Cos bought Lord + Taylor’s flagship on Fifth Avenue in New York City for $850 million two years ago. Hudson’s Bay has already announced plans to close up to 10 Lord + Taylor locations. The chain had 45 stores as of Feb. 2 and three outlet shops. Earlier this year, Hudson’s Bay opened a renovated main floor at the Saks Fifth Avenue flagship in New York.
