Lord & Taylor to be sold to Le Tote
In yet another sign of how the retail industry is being transformed, Le Tote, a clothing rental company, will purchase luxury retailer Lord & Taylor.
The subscription service retailer will pay Hudson's Bay Company, Lord and Taylor's owner, $75 million in cash and another $25million after two years. HBC will also have a shareholder's stake in Le Tote.
The move is another example of how traditional department stores are having to take innovative, and even unexpected steps, to remain vi...