A man walks past the Lord & Taylor flagship store, in New York. The store, known for its holiday displays along Fifth Avenue, is being sold to the office space sharing company WeWork. The nearly 100-year-old building will be converted to WeWork headquarters, with less than a quarter of the space remaining for a Lord & Taylor store. Ten of the building's 11 floors are now devoted to retailLord Taylor Flagship-WeWork, New York, USA - 24 Oct 2017

Hudson’s Bay Company posted a third quarter net loss of 243 million Canadian dollars, or $191.8 million, due to lower gross margins, declining sales, and higher costs, compared to a net loss of 125 million Canadian dollars in the year ago period.
The company also cited depreciation and amortization costs and a lower income tax benefit, in the last quarter ended Oct. 28.

Third quarter retail sales fell 4.2 percent to 3.2 billion Canadian dollars while comparable sales on a constant currency basis declined by 3.2 percent.

“We are making the necessary changes in our retail operations to drive performance across our banners and took dramatic steps during the third quarter to continue the transformation of HBC and ensure that we are well positioned to succeed in a rapidly-evolving retail environment,” said Richard Baker, governor, executive chairman and interim chief executive officer.

Baker cited the sale of the Lord & Taylor flagship, the partnership with WeWork and the investment by Rhone Capital into HBC as improving the economics of the stores in the future.

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