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FINANCE
Hudson's Bay Company is reviewing strategic options for its Lord & Taylor division.
The Canadian retail giant on Monday said that it is possible for the Lord & Taylor business to be a part of its strategy "to focus on its greatest opportunities." The division operates more than 40 stores in the Northeast and Mid- Atlantic markets
Lord & Taylor has been challenged in the new retail landscape by declining mall traffic. It had $ 1.4 billion ($ 1.04 billion) last year, according to HBC.
"This review of strategic alternatives for HBC for long-term success," said Helena Foulkes, CEO, HBC, whose other U.S. banners include Saks Fifth Avenue and Saks Off 5th. "Over the last year, we have taken strong actions and made fundamental fixes that have resulted in a stronger, more capable HBC, having returned to positive operating cash flow, increased profitability and strengthened balance sheet."
The news comes as HBC has been simplifying its organization, strengthening its retail operations and unlocking the value of its real estate. In February, the company said it would close its 38-store Home Outfitters chain in Canada this year and it's up to 20 Saks Off 5th Stores in the US.
HBC has retained PJ Solomon and its financial advisor for the Lord & Taylor review.
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