Hudson’s Bay to sell Lord + Taylor to VC-backed Le Tote for about $100 mln: Reuters

Hudson’s Bay is selling department store Lord + Taylor to Le Tote Inc, a San Francisco-based retail service company, for about $100 million, reported Reuters. Hudson’s Bay, a Canadian retailer that also owns luxury department store Saks Fifth Avenue, will get $74.95 million in cash upon the deal’s closing and about $25 million in two years. Le Tote’s backers include Sway Ventures, Azure Capital Partners, FundersClub and Lerer Hippeau, according to Crunchbase.