Le Tote, a clothing rental subscription company, has reached an agreement with the Canadian department stores to buy its chain, on sale since last May. Le Tote, specialised in providing users monthly boxes of items that can be returned after used, has reached an agreement with the Canadian department stores Hudson’s Bay to buy its chain Lord & Taylor for 100 million dollars.

This agreement worth $75 million comes with a commitment of paying another $25 million in the next two years. Besides, Hudson’s Bay will enter the capital of Le Tote and will take two chairs in its board of directors and rights as a minority shareholder. Lord & Taylor that Hudson’s Bay placed for sale last May, closed its fiscal year 2018 with a revenue $1.4 billion. Through this agreement, Le Tote takes the brand, including its intellectual property, its digital channels, its stocks and the 38 stores of the company.

Despites closing its flagship in Fifth Avenue in New York, Lord & Taylor still supports in the popularity of the brand, particularly its gowns.