Lord & Taylor Closes Fifth Avenue

Lord & Taylor (New York) has officially closed its flagship store on Fifth Avenue in New York.

The 11-story building, which has housed the store for 104 years, has been sold to WeWork (New York), a space-leasing company, for $850 million. That deal was announced in 2017 by the retailer’s parent company, Toronto-based Hudson’s Bay Co.

According to ABC News, the decision to close this iconic store was the result of an “increasing focus on its digital opportunity and commitment to improving profitability.” 

The company still operates 45 brick-and-mortar Lord & Taylor stores throughout the country.