(Updates with quotes from statement, background on the company)

By Jessica DiNapoli and Harry Brumpton

NEW YORK, May 6 (Reuters) – HBC said on Monday that it was pursuing strategic alternatives for its Lord + Taylor business that could include a possible sale or merger.

The move is part of Hudson’s Bay company’s efforts to realign its strategy to focus on its greatest opportunities, the company said in a statement.

“This review of strategic alternatives for Lord + Taylor is another example of how we are exploring options to position HBC for long-term success,” HBC Chief Executive Officer Helena 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