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NRDC/Hudson Bay Deal Goes Through

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NRDC's rumored acquisition of Canadian department store chain Hudson Bay I linked to Monday has been officially announced.

Terms were not disclosed. The sale comes about two and half years after the 338-year-old Hudson's Bay was acquired for 860.4 million Canadian dollars and then taken private by Jerry Zucker, a technology and textiles investor from Charleston, S.C. Lord & Taylor was started a mere 182 years ago.

The sale on Wednesday to NRDC, which had a minority stake in Hudson's Bay in addition to owning Lord & Taylor, appears related to Mr. Zucker's death three months ago.

NRDC immediately announced that it would partly convert about 10 to 15 of Hudson's Bay's 94 full-line department stores, which are commonly known as The Bay, into Lord & Taylor outlets, a decision that surprised some analysts.

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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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