Hudson's Bay to sell Lord & Taylor for $100 million to clothing rental service Le Tote

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Hudson's Bay to sell Lord & Taylor for $100 million to clothing rental service Le Tote
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The deal allows the department store chain to continue operations, after its Fifth Avenue flagship and other stores closed earlier this year.

Department stores as a sector have been struggling to grow sales, as falling foot traffic in malls hurt chains. Earlier this month, luxury chain Barneys New York filed for bankruptcy and J.C. Penney announced it was working with restructuring advisers to lessen its debt.That Le Tote, which was founded as a start-up in 2012, is able to snag the longstanding department store chain, speaks to how far department stores have fallen.

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