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Lord & Taylor Gets Funds to Stay Afloat

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While a stormy shopping climate rocks retailers, Lord & Taylor is getting a lifeline.

The upscale department store has received a $60 million cash injection from owner NRDC Equity Partners, an investment firm run by New York real-estate mogul Richard Baker, The Post has learned.

The funds come as a disappointing holiday season and tightening credit had spurred worries among some industry insiders that Lord & Taylor's business might be disrupted this spring, sources said.

Lord & Taylor may have an advantage over competitors, given the deep pockets of its owner. NRDC, which also recently acquired the Canada-based Hudson's Bay department-store chain, has recently paid down $280 million in debt for Lord & Taylor, according to a source familiar with the matter.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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