Hudson's Bay Co. Acquires Lord & Taylor
January 24, 2012
Toronto-based Hudson's Bay Co. has completed its acquisition of department store company Lord & Taylor Holdings LLC. Following this acquisition, Hudson's Bay Co. will operate two retail banners in North America: The Bay and Lord & Taylor. The terms of the deal were not disclosed. However, as part of the transaction, Hudson's Bay invested $427 million in Lord & Taylor, which used the proceeds entirely to reduce corporate debt. Currently, the company has more than 600 retail outlets in Canada, as well as 46 Lord & Taylor stores across nine U.S. states.
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