Lord & Taylor was sold this week to a little-known clothing rental service, Le Tote, a seven-year-old San Francisco company.
Hudson’s Bay, the chain’s parent company, will continue to own Lord & Taylor’s real estate and cover Le Tote’s rent at those properties for three years. Le Tote will pay $100 million in cash for Lord & Taylor’s brand and inventory and take control of 38 stores and the chain’s digital presence. Five stores will close as part of the transaction, but the company did not say which ones.
Friends of White Flint has heard from unnamed sources (how very Washington Post of us to cite unnamed sources) that Lord & Taylor at White Flint Mall will be staying at the mall site…at least for now.