Lord & Taylor may be put on the block soon

FILE - In this Jan. 2, 2019, file photo women peer in the front door of Lord & Taylor's flagship Fifth Avenue store which closed in New York. Lord & Taylor, one of the country’s oldest department stores, may be sold as its owner considers its options. Hudson's Bay Co., which also owns Saks Fifth Avenue, says it hired a financial adviser to review Lord & Taylor’s business and that the process may lead to a sale or merger. (AP Photo/Kathy Willens, File)
FILE - In this June 6, 2018, file photo the Lord & Taylor logo is seen next to a mannequin in a window display at their flagship store on Fifth Avenue in New York. Lord & Taylor, one of the country’s oldest department stores, may be sold as its owner considers its options. Hudson's Bay Co., which also owns Saks Fifth Avenue, says it hired a financial adviser to review Lord & Taylor’s business and that the process may lead to a sale or merger. (AP Photo/Mary Altaffer, File)

NEW YORK — Lord & Taylor, one of the country's oldest department stores, may be put up for sale.

Hudson's Bay, which owns Lord & Taylor and Saks Fifth Avenue, said Monday that it hired a financial adviser to review Lord & Taylor's business and that the process may lead to a sale or merger.

Lord & Taylor traces its origins to more than 190 years ago, when it was founded as a dry goods store in 1826. The store has had several owners. It was acquired by Hudson's Bay Co. in 2012.

Lord & Taylor has struggled as more people shop online. Hudson's Bay has closed some of its stores, including Lord & Taylor's flagship store on New York's Fifth Avenue, which was shut for good earlier this year after more than a century in the 11-story building. Last year, to attract new customers, Lord & Taylor started selling its brands on Walmart's website.

Hudson's Bay Co., based in Toronto, said there are more than 40 Lord & Taylor locations around the country.

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