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July 30th, 2008 | Jennifer Zalitack

Lord & Taylor to expand into Canada

What’s to become of the Bay?

Canada’s oldest retailer, Hudson Bay Co. has been acquired by the more upscale Lord & Taylor. Or rather by the U.S. equity firm (New York-based NRDC Equity Partners), who are responsible for the turnaround of the American chain. They bought it two-years ago saying it was a great old brand, but dusty. So, looks like they want to do the same with HBC. Five Hundred-million dollars in new equity is being put into Hudson’s Bay Trading Post.

This deal winds North America’s two oldest department stores into the same corporate structure.

They plan to launch 10 to 15 Lord & Taylor stores throughout Canada in what currently house the Bay, Zellers or Home Outfitters locations. None of HBC’s stores will reportedly close; the approach is to look into building the business, not take away.

HBC, which has a 338-year history, has been under American ownership since 2006, when it was bought by entrepreneur Jerry Zucker.

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