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You are here: Home / Hudsons Bay Co Buys Lord and Taylor For USD427 million
Hudsons Bay Co Buys Lord and Taylor For USD427 million
January 24, 2012
New York, January 24 (FinanceEnquiry.com) - Canadian retail giant Hudson’s Bay Co has paid $427 million to acquire its affiliate Lord & Taylor LLC. The Bay is one of the leading Canadian departmental stores. The sale proceeds were used by Lord & Taylor to repay its debt.
Bonnie Brooks, current president and CEO of The Bay, will take the role of the new president of Hudson’s Bay Co, while Richard Baker and Donald Walters will be the CEO and COO of the newly formed company, respectively. On the other hand, current Lord & Taylor CEO and president, Brendan Hoffmann, will quit to take up some other opportunity.
Lord & Taylor and The Bay, a Canadian department store, will now run under one brand by Hudson's Bay Co, as part of the transaction. Previously, they were run side by side. The Hudson’s Bay Co, founded in 1670, is one of the oldest company operating in North American region. Lord & Taylor runs 46 upmarket stores in US, while The bay operates around 90 stores in Canada. Lord & Taylor also has three outlet stores and an online portal LordandTaylor.com.
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