Hudson's Bay Co. mulling sale of Lord & Taylor

Hudson's Bay Co. says it's pursuing strategic alternatives for its Lord & Taylor business, including a possible sale or merger.

HBC says Lord & Taylor had $1.4 billion in annual revenue in 2018.

The Lord & Taylor chain has more than 40 stores in the northeastern and mid-Atlantic regions of the United States as well as its online business. The Bay retail stores also carry theLord & Taylor line of women's wear.

HBC chief executive officer Helena Foulkes says the retailer is exploring options to position itself for long-term success.

"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," Foulkes said.

The retail chain is thinking about selling some units and reconsidering strategy after lacklustre results in the past 18 months.

HBC previously announced in February that its Canadian retail banner, Home Outfitters, will be discontinued and its 37 locations will be closed this year and that about 20 Saks Off Fifth locations will be closed in the United States.

Foulkes says Lord & Taylor remains committed to serving customers across its stores and digital channels throughout the review.