New York, NY - Hudson's Bay Co., Canada's oldest retailer, has been bought by the U.S. parent company of the distinguished Lord & Taylor chain.
The acquisition by NRDC Equity Partners of Purchase, N.Y., which unites North America's two oldest department stores under the same corporate structure, will see upscale Lord & Taylor launch 10 to 15 stores throughout Canada.
"Currently there is a gap in the Canadian retail landscape between The Bay department stores and Holt Renfrew," said a joint news release from NRDC and Hudson's Bay Co., which owns The Bay, Zellers, Home Outfitters and Fields retail chains.
"Lord & Taylor will be ideally positioned to fill this consumer demand and will be located in prime locations through existing HBC real estate properties or within existing flagship Bay stores." The value of the deal was not disclosed.
Rumours of a possible sale had been circulating since April after the death of South Carolina magnate Jerry Zucker, who bought HBC in 2006 for $1.1-billion.
The acquisition by NRDC Equity Partners of Purchase, N.Y., which unites North America's two oldest department stores under the same corporate structure, will see upscale Lord & Taylor launch 10 to 15 stores throughout Canada.
"Currently there is a gap in the Canadian retail landscape between The Bay department stores and Holt Renfrew," said a joint news release from NRDC and Hudson's Bay Co., which owns The Bay, Zellers, Home Outfitters and Fields retail chains.
"Lord & Taylor will be ideally positioned to fill this consumer demand and will be located in prime locations through existing HBC real estate properties or within existing flagship Bay stores." The value of the deal was not disclosed.
Rumours of a possible sale had been circulating since April after the death of South Carolina magnate Jerry Zucker, who bought HBC in 2006 for $1.1-billion.
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