Hudson’s Bay Co. (HBC.TO) said Monday it is reviewing strategic alternatives for its Lord & Taylor business including a possible sale.
“This review of strategic alternatives for Lord & Taylor is another example of how we are exploring options to position HBC for long-term success,” said HBC’s Chief Executive Officer Helena Foulkes in a release on Monday.
The Toronto-based retailer said it has hired U.S. investment bank PJ Solomon as its advisor for the review.
The announcement comes after HBC said in February it is shuttering its Home Outfitters business in Canada and may close as many as 20 Saks Off Fifth locations in the U.S. in an effort to increase profitability. HBC has already closed several Lord & Taylor locations, including the flagship Manhattan store on Fifth Avenue.
Lord & Taylor, the oldest department store in the U.S., was acquired by HBC in 2012. The Canadian retailer said in a statement that Lord & Taylor had $1.4 billion in annual revenue in 2018.
The Lord & Taylor chain has more than 40 stores in the northeastern and mid-Atlantic regions of the U.S., as well as an online business.
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