Lord & Taylor's Closing Moorestown Mall Store

MOORESTOWN, NJ — The Lord & Taylor’s store at the Moorestown Mall will be closing following the $75 million sale of the popular chain, a representative of Hudson Bay confirmed Wednesday night.

Le Tote, a San Francisco-based clothing subscription service, has acquired Lord & Taylor from Hudson Bay, the company announced Wednesday.

“We will be closing the Moorestown store,” Hudson Bay Director of Corporate Communications Tiffany Bourre told Patch via email. “All store associates in good standing will be offered the opportunity to transfer to another store.”

Lord & Taylor’s was one of two stores that filed tax appeals township officials said contributed to a 2.48 percent tax rate increase in this year’s budget. The township must pay $325,000 each year for the next five years to PREIT for the appeals by Lord & Taylor’s and Macy’s, beginning this year.

The tax appeals will be completely paid off in 2023, and will disappear from the budget beginning in 2024. The store closing has no impact on those payments, Moorestown Township Manager Thomas Neff said. It wasn't clear what the timeline was for the store to close.

Helena Foulkes, HBC's CEO, said they were excited to have reached an agreement with Le Tote that creates a new model for Lord & Taylor, bringing together fashion rental subscriptions with traditional retail.

"Following an extensive review of strategic alternatives, Le Tote's leadership and innovative approach is the best path forward for Lord & Taylor, its loyal customers and dedicated associates," Foulkes said. "For HBC, this transaction builds upon our previous bold actions, further enabling us to focus on our greatest opportunities, Saks Fifth Avenue and Hudson's Bay."

Under the terms of the agreement, Le Tote will acquire the Lord & Taylor brand and related intellectual property while assuming operations of 38 stores, Lord & Taylor's digital channels and the associated inventory.

"Since founding Le Tote, it's been our mission to push the boundaries of retail. We've strived to lead the charge in developing innovative, intuitive, value-driven ways for customers to engage and consume," Le Tote's CEO and Founder Rakesh Tondon said. " We're excited to bring Le Tote together with Lord & Taylor, a storied brand that has stood for quality, style and service for nearly two centuries. With this acquisition, we continue our journey in creating the future of retail."