HBC (Hudson's Bay Co.) has been simplifying its organization, strengthening its retail operations and unlocking the value of its real estate, including the sale of its flagship store in New York City. The retailer currently operates 40 stores. The company is also focused on improving its cost structure while making strategic investments in technology and digital capabilities, marketing and stores, according to CEO Helena Foulkes.

Lord & Taylor generated roughly $1 billion in volume last year. Observers point to department-store operators Dillard’s, Kohl’s, Nordstrom, Primark and TJX Cos., and to such landlords as Brookfield Properties, Macerich and Simon as possible buyers.

“This review of strategic alternatives for Lord & Taylor is another example of how we are exploring options to position HBC for long-term success,” Foulkes said in a press release. “Over the last year, we’ve taken bold actions and made fundamental fixes that have resulted in a far stronger, more capable HBC, having returned to positive operating cash flow [and] increased profitability, and [having] strengthened the balance sheet.”

Read more: HBC to close 20 Saks Off 5th outlet stores

HBC is a diversified retailer whose current portfolio besides Lord & Taylor includes Hudson's Bay, Saks Fifth Avenue and Saks Off 5th. HBC also has significant investments in joint ventures. It has teamed up with Simon in the HBS Global Properties joint venture, which owns properties in the U.S. In Canada, it has joined with RioCan Real Estate Investment Trust in the RioCan–HBC joint venture. In Europe HBC has hooked up with SIGNA Retail Holdings for real estate and retail ventures.