Hudson's Bay selling Lord & Taylor 5th Ave building for US$850m
25 October, 2017, 01:02 | Author: Barbara Daniel
Thereafter, the building will be converted into WeWork'sNew York headquarters and office space, as well as a redesigned Lord & Taylor store of about 150,000 square feet.
Under the deal, Lord & Taylor will sell its almost 676,000 square-foot flagship to WeWork for $850 million after the 2018 holiday season.
RhoneCapital will buy $500 million worth of convertible shares in Hudson's Bay, and Rhone is teaming up with WeWork Cos.to buy the Lord & Taylor building on Fifth Avenue for $850 million.
WeWork, leased seven floors in the Bentall III tower downtown earlier this year, most of which was quickly snapped up by online retail giant Amazon to expand its already substantial presence in Vancouver, according to a report in the Financial Post.
"This is a transformative partnership that rethinks how retailers create exciting environments and leverage less productive space, while substantially improving the value proposition", said Richard Baker, HBC's executive chairman and interim CEO in a statement.
Hudson's Bay estimated that the overall deal would result in $1.6 billion in cash on its balance sheet and reduced debt.
Lord & Taylor will rent space in the building and maintain a smaller store on the lower floors of the building, while the upper floors will be rented out from WeWork as temporary office space for companies who need occasional or intermittent meeting spaces, the NYT reported.
Illustrating the state of these retail locations, the company said it expects "minimal impact on earnings" from the deal. The deal will see the space transformed after the 2018 holiday season to become WeWork's NY headquarters.
The deals come as HBC faces increased pressure from a US activist investor.
In August, news spread that HBC was planning to hire a financial advisor to review all options, including taking the company private, exiting some retail businesses and offloading key real estate holdings. The department store was the first to create Christmas windows for sheer entertainment, rather than for selling merchandise.
The agency says 26 Mann's products, two Compliments products and six Western Family products are affected by the recall. Customers who bought the recalled products should throw them away or return to point of purchase for a full refund.
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