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NRDC to Acquire Lord & Taylor
NRDC Equity Partners is acquiring the 48-store Lord & Taylor retail chain from Federated Department Stores for $1.2 billion in cash. The transaction is anticipated to close in the third quarter of 2006.
In February of this year, NRDC also acquired Linens ‘n Things. In 2005, Federated Department Stores acquired Lord & Taylor as part of its merger with May Department Stores Company.
Robert Baker, NRDC principal, said NRDC’s strategy going forward will be to leverage the strong Lord & Taylor brand with its existing management and store teams to continue operating Lord & Taylor as an upscale fashion retailer.