The Hudson’s Bay Company recently announced it has completed an acquisition of the U.S. department store chain Lord & Taylor. Before the announcement the two companies were side-by-side affiliate entities, each bringing a successful business strategy to the table. Under the new agreement Hudson’s Bay Company will operate both ‘The Bay’ and ‘Lord & Taylor’ retailers in North America. Bonnie Brooks, who is currently President and CEO of The Bay and has played a vital role in it’s recent success, will become President of the Hudson’s Bay Company.
“We are fortunate to have both Don Watros and Bonnie Brooks round out the leadership team of the Hudson’s Bay Company. Don’s operational and financial expertise has been instrumental in contributing to both The Bay and Lord & Taylor’s year-over-year profitability despite the poor economic environment around the globe” said Richard Baker, the Governor and CEO of the Hudson’s Bay Company. He added “The turnaround and speed of growth at The Bay under Bonnie’s leadership is unprecedented in modern times.”
As part of the transaction, Hudson’s Bay invested $427 million in Lord & Taylor, which owns 47 stores in the United States. This acquisition announcement is great news for the Hudson’s Bay Company as they’ve been transforming extensively in recent years, a move that has helped rekindle the love for many Canadians and the iconic brand.