Fashion rental company Le Tote will acquire Lord & Taylor for 99.5 million Canadian dollars in cash (USD 75 million) and a secured promissory note for CAD 33.2 million payable in cash after two years. Le Tote will get the Lord & Taylor brand and related intellectual property, and assume operations of 38 stores, digital channels and associated inventory. Meanwhile, Hudson's Bay Company will get an equity stake in Le Tote, two seats on its board and "certain rights as a minority shareholder." As for the reat estate, it remains with Hudson's Bay. Le Tote can operate the existing stores rent-free for three years.

press release on HBC selling Lord & Taylor to le tote