Lord & Taylor may be put on the block soon

Joseph Pisani
Associated Press
In this Jan. 2, 2019, file photo women peer in the front door of Lord & Taylor's flagship Fifth Avenue store which closed in New York.

New York – Lord & Taylor, one of the country’s oldest department stores, may be put up for sale.

Hudson’s Bay, which owns Lord & Taylor and Saks Fifth Avenue, said Monday that it hired a financial adviser to review Lord & Taylor’s business and that the process may lead to a sale or merger.

Lord & Taylor traces its origins to more than 190 years ago, when it was founded as a dry goods store in 1826. The store has had several owners. It was acquired by Hudson’s Bay Co. in 2012.

Lord & Taylor has struggled as more people shop online. Hudson’s Bay has closed some of its stores, including Lord & Taylor’s 104-year-old flagship location in New York this year.