Hudson's Bay Company sells Lord + Taylor to Le Tote

Hudson’s Bay Company (HBC) has announced completion of the sale of Lord + Taylor to Le Tote, Inc., a fashion rental subscription service, for 99.5 million Canadian dollars (75 million dollars) in cash and a secured promissory note for 32.2 million Canadian dollars (25 million dollars) payable in cash after two years, subject to customary adjustments. The company added that HBC now holds an equity stake of approximately 25 percent in Le Tote, and a right to designate two members to Le Tote’s board of directors.