NEW YORK (Reuters) - Canadian retail conglomerate Hudson’s Bay Co on Monday said it completed its acquisition of its affiliate Lord & Taylor LLC, after having invested $427 million to pay down the U.S. department-store chain’s corporate debt.
Hudson’s Bay Co now will operate Lord & Taylor and The Bay, a leading Canadian department store, under one umbrella. Prior to this, the two companies were operated side by side.
Bonnie Brooks, who is credited with turning around The Bay and is its current president and chief executive, will become president of Hudson’s Bay Co.
Richard Baker will remain governor and CEO of the newly restructured company, with Donald Waters continuing as chief operating officer.
The Bay has more 90 stores in Canada, while Lord & Taylor operates 46 upscale U.S. department stores, including its famed flagship on Manhattan’s Fifth Avenue. Two more are planned for later this year. It also operates three outlet stores and LordandTaylor.com.
Hudson’s Bay Co was founded in 1670 and is North America’s longest continually operating company.
Reporting By Ilaina Jonas; Editing by Steve Orlofsky