Shopper on Fifth Avenue in New York with a Lord & Taylor shopping bag.
Richard Levine | Corbis News | Getty Images
Saks-owner Hudson’s Bay Company is exploring strategic alternatives for its Lord & Taylor brand, including a possible sale or merger.
Lord & Taylor’s parent company has been trying to simplify its organization, strengthen its retail operations and improve its cost structure. Like other U.S. department stores, Lord & Taylor has been struggling as customers shop more online.
The company announced Monday that it has retained PJ Solomon as its financial advisor for its review of the department store brand.
“This review of strategic alternatives for Lord + Taylor is another example of how we are exploring options to position HBC for long-term success,” Helena Foulkes, CEO of Hudson’s Bay, said in a statement.
This is breaking news. Please check back for updates.