NEW YORK (AP) — Lord & Taylor, one of the country’s oldest department stores, may be put up for sale.
Hudson’s Bay, which owns Lord & Taylor and Saks Fifth Avenue, said Monday that it hired a financial adviser to review Lord & Taylor’s business and that the process may lead to a sale or merger.
Lord & Taylor traces its origins to more than 190 years ago when it was founded as a dry goods store in 1826. The store has had several owners. It was acquired by Hudson’s Bay Co. in 2012.
Lord & Taylor has struggled as more people shop online. Hudson’s Bay has closed some of its stores, including Lord & Taylor’s 104-year-old flagship location in New York this year.