The venerable
Canadian retailer Hudson's Bay Co., which was created in 1670 to capitalize
on the fur trade, is changing hands again. Read the full story on TheDeal.com.
Purchase,
N.Y.-based retail investment company NRDC Equity Partners LLC, which owns Lord
& Taylor, said in a statement on Wednesday that it has bought the Canadian
retailer for an undisclosed amount. Hudson's Bay Co.'s retail chains include The Bay, Zellers, Home Outfitters and Fields.
The company did
not reveal the price, but it did say that the seller, the
InterTech Group Inc. will make "an excellent return'' on its investment,
indicating the deal values the company at more than $1 billion. InterTech led
the group that took Hudson's Bay,
previously controlled by the Thomson family of Toronto, private in a
$1.1 billion buyout early in 2006.
The Canadian
chain was thought to be on the block again after Jerry Zucker, the
South
Carolina businessman who headed
InterTech, died three months ago. - Peter Moriera
