The Hudson’s Bay Co. is about get an American-style makeover from its new owner. NRDC Equity Partners closed Wednesday on a deal to buy Toronto-based Hudson’s Bay, which has revenues of about $7 billion, and plans to infuse the company with fresh high-level management and better brands, as well as reformat much of its square footage. The potential plans include expansion of NRDC-owned Lord & Taylor to Canada. Industry sources said NRDC paid more than $1.1 billion for Hudson’s Bay, which operates 94 The Bay department stores, 280 Zellers discount units, 61 Home Outfitters and 161 Fields stores. Hudson’s Bay is North America’s oldest retail brand.
Sources also said Jeff Sherman, former president and chief operating officer of Polo Ralph Lauren Retail, and a former president of Bloomingdale’s, has been tapped as the head of all Hudson’s Bay Co. retail operations. He is to succeed Robert Johnston, president and chief executive officer of the company, who also was chief strategy officer.
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