Purchase, N.Y. NRDC Equity Partners announced on Wednesday that it has acquired Toronto-based Hudsonâ€™s Bay Co. NRDC owns retailers Lord & Taylor and Fortunoff. all three brands, along with the NRDC-owed Creative Design Studios (CDS), will now be part of a holding company called Hudsonâ€™s Bay Trading Co.
The NRDC name will be dropped from the ownership entity.
NRDC purchased Hudsonâ€™s Bay from The InterTech Group, which is controlled by the Zucker family of South Carolina.
According to a report in Womenâ€™s Wear Daily, the new holding company will represent more than $8 billion in sales, about 75,000 employees and 55 million sq. ft. of space in the United States and Canada.
NRDC said it plans to invest $500 million into the combined company. In addition, there are plans to launch 10 to 15 Lord & Taylor stores in Canada.
Hudsonâ€™s Bay operates The Bay, Zellers, Home Outfitters, and Fields, all in Canada.
Richard Baker, NRDC president and CEO, will serve as CEO of the Hudsonâ€™s Bay Trading Co. and will also have the title of governor of the Hudsonâ€™s Bay Co.
NRDC has held a 20% stake in Hudsonâ€™s Bay, which was majority owned by the Zucker Family and Baker has been a member of the board since 2006.
â€śBy acquiring Hudsonâ€™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,â€ť Baker said. â€śEnormous potential exists by upgrading the offerings at both The Bay and Zellers and by bringing Lord & Taylor, Fortunoff and CDS into the mix.â€ť