Hudson's Bay, the Canadian-based owner of Lord & Taylor and Saks Fifth Avenue, agreed to sell the Fifth Avenue store to WeWork for $850 million. The iconic store is located between 38th and 39th Streets and not far from Times Square.
A spokesperson for Hudson's Bay added in a statement to CNNMoney that it will be closing a total of 10 Lord & Taylor stores and reiterated that the Fifth Avenue store would not close until early 2019, once the holiday shopping season ends.
But Hudson's Bay is turning to Amazon rival Walmart (WMT) for assistance in the digital shopping arena. Walmart announced last November that Lord & Taylor will have a flagship store on Walmart.com.
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