In a dramatic shakeup at Lord & Taylor, Jane Elfers, president and chief executive officer, is leaving and will be replaced by Brendan Hoffman, president and ceo of Neiman Marcus Direct, according to sources.
More personnel changes at Lord & Taylor, and possibly through other divisions of the parent Hudson’s Bay Trading Co., are expected.
A source said that Jeffrey Sherman, ceo of Hudson’s Bay Trading Co., is assuming a bigger role to expedite cost savings and centralize across divisions such as back-of-the-house functions as accounts payable and information technology. In addition to The Bay, Zellers, Home Outfitters and Fields divisions in Canada reporting to Sherman, he now has oversight of the New York-based Lord & Taylor division as well. Hoffman will report to Sherman. Hudson¹s Bay Trading also operates Creative Design Studios and Fortunoff.
Officials were not available to comment on the executive changes.
The Hudson’s Bay Trading Co. retail group was assembled by NRDC Equity Partners through a series of acquisitions, the most recent being Hudson’s Bay in July. Last February, Fortunoff was purchased out of the bankruptcy and Lord & Taylor was purchased in 2006. Richard Baker is ceo of NRDC Equity. He also holds the title of governor of Hudson’s Bay Trading. Sherman reports to him.
HBTC’s management restructuring appears to have been spurred by the nation’s economic turmoil and rising concerns about business. In addition, real estate values are declining. Through its acquisitions, NRDC has added significant property holdings, including the Fifth Avenue flagship for Lord & Taylor, and flagships of The Bay in Toronto and Vancouver, Canada.