The closing of WeWork’s $850m purchase of Lord & Taylor’s flagship Manhattan store has been delayed from 1 August to 13 November. “HBC intends to use the net proceeds from the deposit and sale of the Lord & Taylor Fifth Avenue building to reduce indebtedness under its asset-based revolving facility, which currently has 1.2 billion Canadian dollars of borrowing availability, and for general corporate purposes,” the retailer said. A spokesperson for the retailer said that it was “working with our partners and retailers on a plan which will allow us to close this deal in time for Christmas”.
The closing of WeWork’s $850m purchase of Lord & Taylor’s flagship Manhattan store has been delayed from 1 August to 13 November. A spokesperson for the retailer said that it was “working with our partners and retailers on a plan which will allow us to close this deal in time for Christmas”.