Hudson's Bay Completes Acquisition of Lord & Taylor
January 24, 2012,
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.
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.