NewsAlert HBC signs deal to sell Lord and Taylor banner to Le

More coming. Companies in this story: (TSX:HBC) TORONTO — Hudson’s Bay Co. has signed a deal to sell its Lord and Taylor banner to Le Tote, a clothing subscription and rental business.Under the deal, HBC will receive $99.5 million in cash when the deal closes and a secured promissory note for $33.2 million payable in cash after two years.HBC will also receive an equity stake in Le Tote, two seats on the company’s board of directors and certain rights as a minority shareholder.Le Tote will acquire the Lord and Taylor brand and related intellectual property and assume operations of 38 stores, its digital channels and the associated inventory. The Canadian Press