Purchase, N.Y. NRDC Equity Partners announced on Wednesday that it has acquired Toronto-based Hudson’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 Hudson’s Bay Trading Co.
The NRDC name will be dropped from the ownership entity.
NRDC purchased Hudson’s Bay from The InterTech Group, which is controlled by the Zucker family of South Carolina.
According to a report in Women’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.
Hudson’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 Hudson’s Bay Trading Co. and will also have the title of governor of the Hudson’s Bay Co.
NRDC has held a 20% stake in Hudson’s Bay, which was majority owned by the Zucker Family and Baker has been a member of the board since 2006.
“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,” Baker said. “Enormous potential exists by upgrading the offerings at both The Bay and Zellers and by bringing Lord & Taylor, Fortunoff and CDS into the mix.”