HBC sells Lord & Taylor flagship to WeWork for 850 million dollars

The Hudson's Bay Company (HBC) has sold Lord & Taylor, the oldest luxury department store in the US to WeWork Companies. On Tuesday HBC announced a series of strategic transactions with WeWork Companies, Rhône Capital and an affiliate of WeWork Property Advisors, a joint venture between WeWork and Rhôn. The deals include an equity investment by Rhône of 500 million dollars in the form of 8-year mandatory convertible preferred shares and the sale of the Lord & Taylor Fifth Avenue building to WeWork Property Advisors at 850 million dollars.