Canada's Hudson's Bay Company (HBC), the parent company of Sask's Fifth Avenue and Lord & Taylor, announced Tuesday (June 5) the closing of 10 Lord & Taylor stores. Among them, the flagship Midtown location at 424-434 Fifth Avenue.
The closure will take place during 2019 as HBC is struggling to compete with online retailers such as Amazon and Walmart. HBC has already agreed to sell its under performing online retailer, the Gilt Groupe, to Boston-based e-commerce operator Rue La La for an undisclosed amount.
HBC, which also owns the Hudson's Bay and Home Outfitters brands, saw a net loss of $308.5 million in the first quarter of 2018, according to media reports.
Video courtesy of WCBS-TV.
