Westfield Lord & Taylor's Future Uncertain

WESTFIELD, NJ - Hudson’s Bay Company (HBC), the parent company of Lord & Taylor announced Monday that they are pursuing a possible sale or merger of the retailer, as part of its strategy to focus on its greatest opportunities.

“This review of strategic alternatives for Lord + Taylor is another example of how we are exploring options to position HBC for long-term success,” said Helena Foulkes, HBC’s Chief Executive Officer. “Over the last year, we’ve taken bold actions and made fundamental fixes that have resulted in a far stronger, more capable HBC, having returned to positive operating cash flow, increased profitability and strengthened the balance sheet.”

The uncertainty cloud around the future of the Westfield location was lifted only recently and this new announcement put the future of the organization as a whole under a new fog.

"Obviously, the outcome of this announcement may potentially impact our own Lord & Taylor, something I’ve anticipated since I was elected," Mayor Shelley Brindle said. "It’s why I have proactively engaged with various executives at Hudson’s Bay, including Executive Chairman Richard Baker, for the last year."

Brindle said that the goal of these conversations has been to ensure the community is active participants and partners with Hudson’s Bay regarding the possibilities for such a large and prominent retailer and property in Westfield.

"I want to reiterate what I mentioned last month that, regardless of the outcome, I do know that Hudson’s Bay is committed to being a collaborative partner and potential transformative long-term investor in our Town," Brindle said.

According to officials, HBC has been simplifying its organization, strengthening its retail operations and unlocking the value of its real estate. The company is also focused on improving its cost structure while making strategic investments in technology and digital capabilities, marketing and stores.

"Lord and Taylor is a storied brand that has stood for quality, style and service for many years and serves a highly engaged, loyal customer base through a dedicated team of associates," Foulkes said. "Throughout the review, Lord and Taylor remains committed to serving customers across our stores and digital channels.”

HBC has retained PJ Solomon as its financial advisor for the review of the Lord and Taylor operating business. For her part, Brindle said she would keep an eye on the situation.

"I will continue to keep the public updated as information becomes available," Brindle said.

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