Hudson’s Bay Co. has a $1-billion deal to sell its Lord & Taylor flagship store in New York to a joint venture that includes WeWork Cos. The retailer will also team up with the office-sharing business to run its operations in parts of HBC’s stores.
In addition, Toronto-based HBC, which is under pressure from an activist shareholder to monetize its real estate, said Tuesday that private equity firm RhoneCapital LLC is investing $632-million in HBC, which also runs its namesake stores and Saks Fifth Avenue.
The retailer will continue to operate its Lord & Taylor store on Fifth Avenue in a significantly shrunken space – less than 25 per cent of the current space – after WeWork converts the upper floors of the building into its New York global headquarters as well as shared office space it can lease to other businesses or individuals.
Read more at Globe and Mail.