Le Tote to Buy Lord + Taylor from Hudson’s Bay Company for $100M
Combining traditional retail with clothing rental subscriptions
Le Tote, Inc., an online clothing rental subscription startup, has agreed to buy the Lord + Taylor luxury department store chain from parent company Hudson’s Bay Company (HBC) for $100 million. Le Tote will pay $75 million at the time the sale closes with the remaining $25 million, payable in cash in 2021. Le Tote is working on acquiring financing for the full sale price. If financing has not been secured within 45 days after signing, HBC has the right to terminate the deal.
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