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Lord & Taylor Will Be Sold to Le Tote, a Clothing Rental Start-Up

The clothing rental craze is coming for the struggling department store.

Hudson’s Bay said on Wednesday that Lord & Taylor, the beleaguered department store chain founded in 1826, would be acquired by Le Tote, a seven-year-old clothing rental start-up.

In an unusual deal, Hudson’s Bay, the chain’s parent company, will continue to own Lord & Taylor’s real estate and cover Le Tote’s rent at those properties for three years. Le Tote will pay $100 million in cash for Lord & Taylor’s brand and inventory and take Control

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