Hudson's Bay Completes Acquisition of Lord & Taylor
NEW YORK-Toronto-based Hudson's Bay Co. has closed on its acquisition of Lord & Taylor, bringing the U.S. company's 46 department stores, three outlet stores, lordandtaylor.com and the two recently opened Lord & Taylor Home stores under the Hudson's Bay banner.
Prior to the transaction, Hudson's Bay and Lord & Taylor had been affiliates under NRDC Equity Partners. The two entities will keep their distinct identities and nameplates now that the transaction is completed, according to a Hudson's Bay statement.
Richard Baker, NRDC's CEO, will continue as governor and CEO of Hudson's Bay, while Donald Watros will continue as chief operating officer. Bonnie Brooks, president and CEO of The Bay, will become president of Hudson's Bay Co. Brendan Hoffman, president and CEO of Lord & Taylor, will leave the company to pursue another opportunity, the statement said.
As part of the deal, Hudson's Bay has invested $427 million in Lord & Taylor, which is using the proceeds to reduce corporate debt. The statement said two new Lord & Taylor stores are slated to open in spring of this year.