NEW YORK (CBSNewYork/AP) — Lord & Taylor, one of the nation’s oldest department stores, is being sold for $100 million to a rental clothing company.
Le Tote Inc. is buying the company from Hudson’s Bay Co., which gets a minority stake in Le Tote and will control two seats on its board.
Lord & Taylor, founded as a dry goods store in 1826, has struggled recently as more people shop online. It has closed several stores, including its flagship on New York’s Fifth Avenue, which was shut for good earlier this year after more than a century in the 11-story building.
The venerable department store, famed for its animated holiday window display, was shuttered after a blowout sale that left whole floors empty. Surviving floors still offer an assembly line of racks stuffed with clothes all going for $5.99 that once sold for as much as $100.
Some even took home pieces of the store, like lights, furniture, and signs.
In 2017, store owners announced they were selling the 11-story building to WeWork, a space-leasing company for startups and entrepreneurs, for more than $850 million.
(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)