United States

Lord & Taylor is being sold to clothing rental service

Lord & Taylor is being bought by a little-known, 7-year-old clothing rental service based in Silicon Valley. The oldest department store chain in the US will be sold by its current owner, Toronto-based Hudson’s Bay Co., to San Francisco-based Le Tote in a $100 million deal, the companies said on Wednesday. Under the agreement, Lord & Taylor puts Le Tote on the map while the tech company gives the department store a chance to be relevant again, infusing it with cutting-edge technology in customer service. The idea is to allow shoppers to return their rentals to Lord & Taylor stores and pick up new ones at the stores, Le Tote’s president and co-founder, Brett Norhart, told The Post. Likewise, Le Tote plans to introduce proprietary ...