When NRDC Equity Partners bought department store chain Lord & Taylor back in 2006, the word "liquidation" was bandied around. The chain had been trailing behind rivals Macy's, Bloomingdale's and Nordstrom for years. But NRDC defied the image of a pillaging private equity firm by giving the retailer a much-needed makeover and is now reaping the return on its investment.
The New York Post reports NRDC has just filed for an IPO for the company that owns Lord & Taylor, Hudson's Bay, on the Toronto Stock Exchange, in a transaction that could raise as much as $500 million. The filing mentioned the prime real estate owned by the Lord & Taylor brand, including its flagship store on Fifth Avenue.
In addition to Lord & Taylor, Hudson's Bay owns The Bay, an upscale Canadian department store chain.