SaksWorks explained

SaksWorks is an American coworking space provider and sister brand to the Saks Fifth Avenue department store chain, both of which are based in New York City and owned by Hudson's Bay Company (HBC). The concept was conceived amid the COVID-19 pandemic to redevelop the former Lord & Taylor brick-and-mortar locations.^[1] The first SaksWorks facilities opened within the New York metropolitan area in September 2021.^[2]

History

Hudson's Bay Company acquired the Lord & Taylor department store chain in January 2012,^[3] and later sold it to clothing rental company Le Tote in August 2019.^[4] HBC retained ownership of the commercial properties, and expressed initial plans to maintain Lord & Taylor operations with the real estate until at least 2021.

HBC announced their coworking space venture as York Factory in October 2020.^[5]

Notes and References

1. Web site: SaksWorks Imagines Everything You Can Do - Eat, Stretch, Work, and Work Out - From Your Favorite Department Store. Yotka. Steff. Vogue. August 17, 2021. January 4, 2022.
2. Web site: HBC to Launch Innovative New Work and Life Concept "SaksWorks". Hudson's Bay Company. August 17, 2021. January 4, 2022.
3. Web site: Hudson's Bay Company Acquires Lord & Taylor. PR Newswire. January 24, 2012. January 5, 2022.
4. Web site: HBC and Le Tote Enter Into Agreement for Acquisition of Lord + Taylor. BusinessWire. August 28, 2019. January 5, 2022.
5. Web site: Lord & Taylor space gets new use at Walden Galleria. Christmann. Samantha. The Buffalo News. October 29, 2020. January 5, 2022.