Aug 28 (Reuters) - Hudson's Bay Co HBC.TO :
* HBC AND LE TOTE ENTER INTO AGREEMENT FOR ACQUISITION OF LORD + TAYLOR
* HUDSON'S BAY CO - HBC WILL RECEIVE $99.5 MILLION (USD$75 MILLION) IN CASH UPON TRANSACTION'S CLOSING
* HUDSON'S BAY CO - WILL RECEIVE $99.5 MILLION (USD$75 MILLION) IN CASH
* HUDSON'S BAY CO - SALE CONCLUDES HBC'S REVIEW OF STRATEGIC ALTERNATIVES FOR LORD + TAYLOR BUSINESS
* HUDSON'S BAY CO - LE TOTE IS IN PROCESS OF SECURING FINANCING FOR FULL PURCHASE PRICE.
* HUDSON'S BAY CO - HBC WILL RECEIVE A SECURED PROMISSORY NOTE FOR $33.2 MILLION (USD$25 MILLION) PAYABLE IN CASH AFTER TWO YEARS
* HUDSON'S BAY CO - LE TOTE EXPECTS TO EXTEND EMPLOYMENT OFFERS TO VAST MAJORITY OF LORD + TAYLOR'S ASSOCIATES
* HUDSON'S BAY CO - IF COMMITTED FINANCING HAS NOT BEEN OBTAINED WITHIN FORTY-FIVE DAYS FOLLOWING SIGNING, HBC HAS RIGHT TO TERMINATE AGREEMENT.
* HUDSON'S BAY CO - HBC WILL RECEIVE AN EQUITY STAKE IN LE TOTE, TWO SEATS ON COMPANY'S BOARD OF DIRECTORS
* HUDSON'S BAY CO - EXPECTS TO CONTINUE TO BE LIABLE FOR APPROXIMATELY $77 MILLION IN LORD + TAYLOR TOTAL CASH RENT ON AN ANNUAL BASIS.
* HUDSON'S BAY CO - LE TOTE EXPECTS TO EXTEND EMPLOYMENT OFFERS TO VAST MAJORITY OF LORD + TAYLOR'S ASSOCIATES.
* HUDSON'S BAY CO - STARTING IN 2021, HBC AND LE TOTE WILL HAVE OPTIONS TO REASSESS LORD + TAYLOR STORE NETWORK
* HUDSON'S BAY CO - UNDER TERMS OF AGREEMENT, LE TOTE WILL ACQUIRE LORD + TAYLOR BRAND AND RELATED INTELLECTUAL PROPERTY
* HUDSON'S BAY CO - UNDER TERMS OF AGREEMENT, LE TOTE WILL ASSUME OPERATIONS OF 38 STORES, LORD + TAYLOR'S DIGITAL CHANNELS AND ASSOCIATED INVENTORY