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Hudson’s Bay seeking ways to turn around the slumping fortunes of its Lord & Taylor chain

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Long focused on upper middle class markets in the U.S. Northeast and Midwest, Lord & Taylor's 50 department stores are now increasingly struggling to distinguish themselves from competitors.Drew Angerer

Hudson’s Bay Co is working with investment bankers and consultants to identify deals and new measures to turn around its Lord & Taylor department store chain, once the cornerstone of its retail empire, people familiar with the matter said.

The move shows how the chain’s fortunes have diverged from Hudson’s Bay’s luxury Saks Fifth Avenue banner, which has managed to better weather the rise of online shopping sites including Amazon.com Inc and the resulting decline of brick-and-mortar stores. It comes as the company decided to sell its eponymous Hudson’s Bay department store in downtown Vancouver, Reuters reported exclusively on Monday.

The Canadian retailer has been working with investment bank PJ Solomon Co for advice on potential deals regarding its department store portfolio, and is also working with consulting firm AlixPartners LLP on cutting costs and reforming its business, the sources said.

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