- Kristopher Fraser |
HBC has announced it is pursuing strategic alternatives for the Lord + Taylor operating business, including a possible sale or merger, as part of its strategy to focus on its greatest opportunities. “This review of strategic alternatives for Lord + Taylor is another example of how we are exploring options to position HBC for long-term success,” said Helena Foulkes, HBC’s CEO, in a statement. “Over the last year, we’ve taken bold actions and made fundamental fixes that have resulted in a far stronger, more capable HBC, having returned to positive operating cash flow, increased profitability and strengthened the balance sheet.”
Foulkes continued, “Lord + Taylor is a storied brand that has stood for quality, style and service for many years and serves a highly engaged, loyal customer base through a dedicated team of associates. Throughout the review, Lord + Taylor remains committed to serving customers across our stores and digital channels.”
HBC has been simplifying its organization, strengthening its retail operations and unlocking the value of its real estate. The company is also focused on improving its cost structure while making strategic investments in technology and digital capabilities, marketing and stores.
HBC has retained PJ SOLOMON as its financial advisor for the review of the Lord + Taylor operating business and the company is committed to working through it as efficiently as possible. In 2018, when HBC's losses continued to mount with same-store sales declines across all divisions, the company announced the closure of their Lord & Taylor flagship in Manhattan. The closure was announced as the group reported a loss of 308 million dollars for the first quarter ended May 5, 2018. As they are now looking to sell the company entirely it will likely be acquired by someone who sees e-commerce potential in the retailer.photo: via Lord & Taylor Facebook page