Hudson’s Bay Company completed its acquisition of Lord & Taylor Holdings.
Prior to the transaction, the companies were side-by-side affiliate entities.
Richard Baker will remain governor and CEO of the newly restructured company, with Donald Watros continuing as chief operating officer. Bonnie Brooks, currently president and CEO of The Bay, will become president of the Hudson’s Bay Company.
Brendan Hoffman, president and CEO of Lord & Taylor, will be leaving the company to pursue another opportunity.
As part of the deal, Hudson’s Bay invested $427 million in Lord & Taylor, which used the proceeds entirely to reduce corporate debt.