NEW YORK (AP) — Lord & Taylor, one of the nation's oldest department stores, is being sold for $100 million to a rental clothing company.
Le Tote Inc. is buying the company from Hudson's Bay Co., which gets a minority stake in Le Tote and will control two seats on its board.
Lord & Taylor, founded as a dry goods store in 1826, has struggled recently as more people shop online. It has closed several stores, including its flagship on New York's Fifth Avenue, which was shut for good earlier this year after more than a century in the 11-story building.