Shopper on Fifth Avenue in New York with a Lord & Taylor hand luggage.
Richard Levine | Corbis News | Getty Images
Case Owner Hudson's Bay Company examines strategic options for its Lord & Taylor brand, including potential sales or mergers.
Like other US warehouses, Lord & Taylor has been struggling as customers shop less in shopping malls and more online. The brand has been closing stores, including the iconic Fifth Avenue location earlier this year after selling the building to WeWork.
Last year, Hudson's Bay reported that the fourth quarter the same store sales for Lord & Taylor, Home Outfitters and its namesake brand fell by 5.2%. Meanwhile, the major retailer Saks Fifth Avenue reported sales growth of 3.8%.
Lord & Taylor's parent company has attempted to simplify its organization, strengthen its retail business and improve its cost structure.
The Company announced Monday that it has retained PJ Solomon as financial advisor for its review of the department store.
"This review of strategic options for Lord + Taylor is another example of how we examine options for positioning HBC for long-term success," said Helena Foulkes, CEO of Hudson's Bay, in a statement.