NRDC/Hudson Bay Deal Goes Through

NRDC's rumored acquisition of Canadian department store chain Hudson Bay I linked to Monday has been officially announced.

Terms were not disclosed. The sale comes about two and half years after the 338-year-old Hudson's Bay was acquired for 860.4 million Canadian dollars and then taken private by Jerry Zucker, a technology and textiles investor from Charleston, S.C. Lord & Taylor was started a mere 182 years ago.

The sale on Wednesday to NRDC, which had a minority stake in Hudson's Bay in addition to owning Lord & Taylor, appears related to Mr. Zucker's death three months ago.

NRDC immediately announced that it would partly convert about 10 to 15 of Hudson's Bay's 94 full-line department stores, which are commonly known as The Bay, into Lord & Taylor outlets, a decision that surprised some analysts.