Hudson’s Bay Company, the Canadian parent company of department store Lord & Taylor, has announced plans to shutter 10 of its 48 Lord & Taylor nationwide locations, including the company’s century-old flagship store at 424 Fifth Avenue.
The decision to close the famed location comes just eight months after Hudson’s Bay announced the $850 million sale of the building to a partnership of WeWork and Rhône Capital, as Commercial Observer reported last October.
The 10 closures, which will occur through 2019, are part of a plan for Lord & Taylor to focus on its digital strategy over bricks and mortar. The closures, Hudson’s Bay indicated in its earnings report today, will reduce costs and grow profits.
Helena Foulkes, Hudson’s Bay CEO since Feb. 19, said as the company is “dedicated to evolving our experience and merchandise assortment to best meet customer expectations and shopping preferences, we will take advantage of having a smaller footprint to rethink the model and focus on our digital opportunities.”
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