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Lord & Taylor Owner Files for IPO


When NRDC Equity Partners bought department store chain Lord & Taylor back in 2006, the word "liquidation" was bandied around. The chain had been trailing behind rivals Macy's, Bloomingdale's and Nordstrom for years. But NRDC defied the image of a pillaging private equity firm by giving the retailer a much-needed makeover and is now reaping the return on its investment.

The New York Post reports NRDC has just filed for an IPO for the company that owns Lord & Taylor, Hudson's Bay, on the Toronto Stock Exchange, in a transaction that could raise as much as $500 million. The filing mentioned the prime real estate owned by the Lord & Taylor brand, including its flagship store on Fifth Avenue.

In addition to Lord & Taylor, Hudson's Bay owns The Bay, an upscale Canadian department store chain.

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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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