Canada-based retailer Hudson’s Bay is planning to close up to ten Lord and Taylor stores through 2019.
The decision is part of the company’s strategic plan to balance its brick and mortar presence with online channels and increase profitability.
According to the company, the closures will allow the retailer’s leadership to focus on positioning Lord and Taylor for future success.
As part of this development, the company has also closed its New York City Fifth Avenue location and divested its building to WeWork to increase focus on its digital opportunity.
Hudson’s Bay chief executive officer Helena Foulkes said: “We are also taking action to reposition Lord and Taylor for improved results and increased profitability.
“With a new leader dedicated to evolving our experience and merchandise assortment to best meet customer expectations and shopping preferences, we will take advantage of having a smaller footprint to rethink the model and focus on our digital opportunities.
“The Lord and Taylor flagship on Walmart.com, which launched last week, is a great example of this and represents how we are thinking about the entire business.”
The company has also signed agreements to sell its online shopping marketplace, Gilt, as part of its strategic actions. The deal is expected to close during the second quarter of this year.