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Lord & Taylor Flagship Sale Delayed

Lord & Taylor Flagship Sale Delayed

Lord & Taylor Flagship Sale Delayed
August 04
02:32 2018
Booking.com



NEW YORK — The Fifth Avenue flagship of Lord & Taylor is going to sit in limbo for a little while longer.
Hudson’s Bay Co. and WeWork Property Advisors are adjusting their $850 million deal for the building, pushing back the closing date to Nov. 13 from Aug. 10.
WeWork can extend that further, to Jan. 31, and has the option to convert $125 million of the transaction value into an equity interest in the building that would continue to be held by an HBC venture.
The initial deal with WeWork was designed to help HBC reduce its debt load and was revealed in October alongside a $500 million investment in HBC from Rhone Capital.
The Lord & Taylor store was expected to remain on the lower levels of the building after WeWork took the site as its headquarters. But in June, HBC said the famed L&T flagship would be closed entirely. Lord & Taylor is on track to wind down operations on the Fifth Avenue site early next year and will start the process this fall. Results at Lord & Taylor have been disappointing for several seasons and the chain is closing 10 other stores as well as the flagship, although other units

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