Deals
Hudson’s Bay Sells Iconic Lord & Taylor Store to Cut Debt
- Retailer balance sheet bolstered by C$1.6 billion under deal
- Rhone Capital, WeWork teaming up to buy flagship building
Midtown Holiday Shopping
Photographer: Joe BuglewiczHudson’s Bay Co. agreed to sell its iconic Lord & Taylor building in Manhattan and unloaded a minority stake to a private equity firm to help the struggling Canadian retailer cut debt and bolster its balance sheet.
Rhone Capital LLC will buy $500 million of convertible shares in Hudson’s Bay, and Rhone is teaming up with WeWork Cos. to buy the Lord & Taylor building on Fifth Avenue for $850 million. WeWork will also lease space within some Hudson’s Bay department stores, including its flagship Canadian outlet on Queen Street in Toronto.