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, anfirm 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.