Wednesday, July 16, 2008

Hot off the Press: HBC Sold.

HBC, (former) owners of Home Outfitters, Zellers, and The Bay, was sold today to NRDC Equity Partners, the company that owns Lord and Taylor.

According to the most recent reports, NRDC plans to plant 10-15 Lord and Taylor stores across Canada, either existing replacing Bay stores or else building on HBC real estate. NRDC feels that Lord and Taylor will fill the gap in department stores between The Bay and Holt Renfrew.

Richard Baker, the CEO of NRDC commented, "By acquiring Hudson's Bay Co. along with previous acquisitions Lord & Taylor and Fortunoff, we will have an unprecedented opportunity to recreate the retail landscape in North America,"

NRDC plans to invest USD $500M in new equity in the combined company.

The Bay was the oldest Canadian company, incorporated in 1620.

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