Urban Toronto - Powered by vBulletin
UrbanToronto News - the latest headlines
Photo of the Day: Tunnel Vision
ALSO
Page 5 of 49 FirstFirst ... 3456715 ... LastLast
Results 61 to 75 of 735

Thread: Hudson's Bay Company (including Top Shop / Top Man)

  1. Default

    From: http://www.reportonbusiness.com/serv..._gam_mostemail
    _______________
    Lord & Taylor owner in talks for Hudson's Bay

    MARINA STRAUSS

    From Thursday's Globe and Mail

    July 9, 2008 at 9:41 PM EDT

    The owner of Lord & Taylor has been in talks to take over Hudson's Bay Co., a move that could lead to the quintessentially American department store retailer setting up shop in Canada, sources said.

    NRDC Equity Partners of Purchase, N.Y., which owns the 47-store U.S. chain, already has an interest of about 20 per cent in HBC, which runs the Bay, Zellers and Home Outfitters, sources said. Richard Baker, chief executive officer of NRDC, has been thinking of opening stores outside of the United States, he told a conference recently. Canada was one of the countries on his radar.

    “I was given the impression that this guy is very keen on doing this,” said a source who was aware of recent talks with HBC.

    Neither Mr. Baker nor HBC officials replied to messages Wednesday.

    The fate of HBC is in the hands of the family of Jerry Zucker, the South Carolina billionaire who bought the Canadian retailer for $1.1-billion in 2006, but died in April. His widow, Anita Zucker, a retired teacher and philanthropist, took the helm at the business following the death.

    The family has said it plans to continue operating the company, but industry observers have suggested that it might eventually wind up on the block.

    Attention turned to Mr. Baker, who sits on the board of directors of HBC, after the U.S. private equity firm raised about $400-million last fall for new acquisitions. The firm had looked into bidding on HBC when it was for sale in late 2005 and early 2006.

    Soon afterward, NRDC bought the 182-year-old Lord & Taylor, a tired East Coast chain in need of a revamping. More recently, in February, it acquired out of bankruptcy Fortunoff, a jewellery and home decor chain.

    A takeover of HBC by the owner of Lord & Taylor would marry two of the oldest names in the department store sector. It's an industry that has been under attack over the past decade from more nimble specialty chains as well as discounters such as Wal-Mart Stores Inc..

    Both HBC, founded in 1670, and Lord & Taylor have been racing to reinvent their stores over the past two years. Mr. Zucker set out to transform his Bay stores into a more upscale department-store chain, emulating Macy's in the U.S. He launched new private labels, empowered store managers to make local purchasing decisions and re-jigged technology in a bid to get inventory to shelves faster.

    Mr. Baker has made great strides in upgrading Lord & Taylor. He has recruited upscale designers and started to remodel stores. He even launched Creative Design Studios, which makes apparel for the chain and potentially for competing merchants.

    On Wednesday, Women's Wear Daily's website reported that NRDC was aggressively pursuing HBC, according to its sources.


  2. Default

    From: http://www.financialpost.com/story.html?id=643370
    _________________
    TORONTO -- NRDC Equity Partners LLC, owner of the U.S. department store chain Lord & Taylor, is in talks to acquire Hudson's Bay Co. in a deal that would bring together North America's two oldest department stores, industry sources say.

    NRDC already has roughly a 20% stake in the storied Canadian retail chain, which it acquired in 2006. Sources said the company is not talking with any other parties.

    Rumours of a potential sale have been swirling since the demise of HBC owner Jerry Zucker in April. Richard Baker, president and chief executive officer of NRDC and chairman of Lord & Taylor, has a close relationship with the family of Mr. Zucker, the South Carolina businessman who acquired HBC in early 2006, sources added. He died in April after battling cancer.

    Robert Johnston, chief executive of HBC, was not available for comment.

    "Richard Baker and NRDC have been involved with HBC as minority owners and board members since 2006," said HBC spokeswoman Hillary Marshall. "Through their ownership of well-known properties such as Lord & Taylor and [decor and jewellery chain] Fortunoff, they bring another layer of expertise to our organization." She had no further comment. Mr. Baker was travelling yesterday and did not return calls.

    The acquisition would make retail bedfellows of two classic department stores. The Bay was founded as a fur trading company in 1670, and the upscale Lord & Taylor, founded in 1826 in New York. HBC also owns the discount chain Zellers, the home decor chain Home Outfitters and the rural discount chain Fields.

    In April, Mr. Baker told attendees at a retail conference he was thinking about expanding Lord & Taylor, which has 47 U.S. stores, into foreign markets, citing Canada, Mexico and Asia. He noted he had recently returned from trips to Canada and Mexico and several parties were interested in bringing Lord & Taylor to locations outside the United States.

    "The timing is perfect," said Anthony Stokan, principal at shopping centre consultantcy Anthony Russell and Associates. "As a [private equity] firm they would see that Canada is a considerably more stable market than the U.S. market right now." Strategically, the acquisition also makes sense, he said. "I don't think you could find a better buyer for HBC. NRDC has done an incredible job of revitalizing a very tired, old-world brand that had been struggling for two or three decades and that [situation] mirrors what Zucker was trying to do with HBC. [NRDC] was extremely methodical about which locations to shutter and relocate and how to rebrand Lord & Taylor for a much younger customer. In order for the department store category to see any uplift in the coming years we will see a radical change such as this."

    Sources said some select higher-end downtown locations of The Bay might convert to the Lord & Taylor store banner.

    Acquiring HBC, which struggled with declining sales and market share in the years before Mr. Zucker bought it, would pose a challenge for the most savvy of retail players.

    In an April interview with the National Post, Mr. Johnston revealed that in 2007 HBC had experienced the most profitable fourth quarter since 2004 on the strength of cost cuts and improved technology. But despite the additions of improved service, more upscale new brands and extensive renovations at many Bay and Zellers outlets, he admitted sales were flat at HBC's three main banners and that drawing in more customers was "a challenge."

    NRDC began beefing up its retail assets in 2006 when it bought Lord & Taylor from Federated Department Stores Inc. (now known as Macy's Inc.). In February, NRDC bought the insolvent Fortunoff out of bankruptcy with an eye to incorporate its jewelry and decor boutiques into Lord & Taylor. NRDC Equity Partners is a partnership between principals of Apollo Real Estate Advisors L.P. and principals of National Realty & Development Corp., a large U.S. shopping centre owner and developer.

    A story in Women's Wear Daily yesterday also noted NRDC's Creative Design Studio could play a part in bringing new designer brands to HBC. Such a move, however, might spell an end to the arrangement that The Bay has with Macy's for private label clothing lines such as I.N.C., Style & Co. and Tools of the Trade.

    Much like when Mr. Zucker bought the company, industry experts are speculating that NRDC finds HBC's real estate assets attractive and could be looking to sell off the Zellers and Home Outfitters chains.

  3. #63

    Default The Bay For Sale?

    http://www.marketingmag.ca/english/n...0_143731_16368

    The Hudson’s Bay Co. could be changing hands again.

    According to published reports today, U.S.-based private equity firm NRDC, which already owns 20% of HBC as well as U.S. department store chain Lord & Taylor, is “aggressively pursuing” the iconic Canadian retailer, which is not talking with any other parties.

    HBC wasn’t commenting on the reports, which were first carried on the Women’s Wear Daily website on Wednesday.

    “They (NRDC) are board members,” HBC spokesperson Hillary Marshall told the Toronto Star.

    “They’re minority owners (of HBC). Clearly they have retail expertise through their ownership of other properties, such as Lord & Taylor and Fortunoff. We have a very positive relationship with (NRDC chairman and chief executive officer) Mr. (Robert) Baker and his team. That’s all I can say.”

    A possible sale of the company, which operates more than 500 stores under the Bay, Zellers, Home Outfitters and Fields banners, is not unexpected in the wake of the death of owner Jerry Zucker in mid April. HBC is currently in the hands of the billionaire’s wife Anita Zucker, a retired teacher.

    Just after Zucker’s death, Richard Talbot, a retail consultant with Talbot Consultants International in Markham, Ont., suggested HBC will likely be put on the auction block. “My guess is that it probably will be put back into play,” said Talbot.

    Jerry Zucker acquired the storied company for $1.1 billion in 2006, following a bitter takeover battle. He set out to transform its Bay division into a more upscale department-store chain, emulating Macy’s in the U.S. At HBC’s Zellers chain, he started Project Red, which saw the stores take a page from U.S. discounter Target Corp. with wider aisles, expanded outlets and prices matching those of Wal-Mart Canada, the leader in the discount sector.

    NRDC’s ownership of Lord & Taylor has led to speculation that it might rebrand some Bay stores as Lord & Taylor, according to the Star.

    NRDC is one of the largest privately owned development companies in the U.S., and owns 75 shopping centres in 14 states, specializing in growth or turnaround opportunities in retail, leisure, real estate and lodging.

    The bulk of HBC advertising is handled by John St., which has The Bay, and Leo Burnett, which oversees creative for Zellers.

  4. Default

    Here we go again.

  5. #65

    Default

    The Bay should be put to sleep. What an embarrassment. No way will Zellers or The Bay survive the next recession!
    Canadian architecture I like: http://renderpornstar.com/

  6. Default

    I so wanted to see Target in Canada...

    AoD

  7. Default Say Bye Bye Bye to the Hudson's Bay Company

    The owner died, the wife looks like she'll be selling the company now to another American whom wants to get rid of all the HBC chains and bring in Lord & Taylor department stores.

    I work for HBC. There's a lot of gossip going around.

    First on HBC's hitlist was to sell off their Designer Depot chains to INC. Group of Companies. They really never ran this chain very well. Winners were killing them even though Designer Depot had better product most of the times. All Designer Depot locations will be closed as of July 25th, 2008. If you walk into the flagship store at Vaughan Mills, the stores practically empty now as all merchandise is being liquidated. INC., is keeping the Designer Depot name from what I hear and running it on their own terms, new layout and concept, new merchandise, etc.

    Next on HBC's hitlist is the eventually selloff of Home Outfitters.

    If the sale goes through, selected Bay realestate would be transformed into Lord & Taylor retail stores.

    You ask what will happen to Zellers then??? We all know that Wal-Mart is killing them and lowering their profits each year. Here comes TARGET!!! There has always been talk that Target is very interested in entering the Canadian market and taking over Zellers.


    It's unfortunate what's happening or going to happen. Audios Canada's oldest retailer!!!!

  8. #68

    Default

    This would be very disappointing. I'm not sure why Lord & Taylor thinks they'll succeed if HBC wasn't good enough. I hope it doesn't happen.

  9. Default

    Quote Originally Posted by syn View Post
    This would be very disappointing. I'm not sure why Lord & Taylor thinks they'll succeed if HBC wasn't good enough. I hope it doesn't happen.

    I'll admit, they have better merchandise, better layout & concept.

    I shouldn't even be saying this cause I work for HBC but I hate The Bay's layout. Everything just seems unorgnanized and the clothing styles have been pretty stale lately and overpriced. If I'm gonna pay good money for an item, atleast I know I would get quality for it at Lord & Taylor. Have any of you shopped at a Lord & Taylor store? I had a good experience the times I've been.

  10. #70
    Join Date
    Apr 2007
    Location
    Old Town via Deer Park
    Posts
    395

    Default

    The firm that own's L&T was able to turn that company around. Perhaps they can do the same for Hbc. I'm not sure they would trade on the brand recognition of the Bay though and rename the stores.

    BTW - there is already a thread for this topic that was started last week...

  11. Default

    Quote Originally Posted by deerparker View Post
    The firm that own's L&T was able to turn that company around. Perhaps they can do the same for Hbc. I'm not sure they would trade on the brand recognition of the Bay though and rename the stores.

    BTW - there is already a thread for this topic that was started last week...
    I clearly did not see that..lol

    Anyways, just giving my insight as someone who's apart of the company.

  12. Default

    Try going to any Lord & Taylors or Macys, and you'll quickly see how shoddy The Bay looks & feels in comparison. Whoever's running the show at the Bay should have been sacked long ago. The entire brand feels like a giant discount store - right down to the cheap yellow shopping bags. How embarrassing.

    Quote Originally Posted by syn View Post
    This would be very disappointing. I'm not sure why Lord & Taylor thinks they'll succeed if HBC wasn't good enough. I hope it doesn't happen.

  13. Default

    Quote Originally Posted by astroturf View Post
    Try going to any Lord & Taylors or Macys, and you'll quickly see how shoddy The Bay looks & feels in comparison. Whoever's running the show at the Bay should have been sacked long ago. The entire brand feels like a giant discount store - right down to the cheep yellow shopping bags. How embarrassing.
    Yup, I totally agree.

  14. Default

    Quote Originally Posted by astroturf View Post
    Try going to any Lord & Taylors or Macys, and you'll quickly see how shoddy The Bay looks & feels in comparison. Whoever's running the show at the Bay should have been sacked long ago. The entire brand feels like a giant discount store - right down to the cheap yellow shopping bags. How embarrassing.

    And you forgot those atrocious 2008 Beijing Olympic uniforms...lol

  15. #75

    Default

    Quote Originally Posted by astroturf View Post
    Try going to any Lord & Taylors or Macys, and you'll quickly see how shoddy The Bay looks & feels in comparison. Whoever's running the show at the Bay should have been sacked long ago. The entire brand feels like a giant discount store - right down to the cheap yellow shopping bags. How embarrassing.
    I know, but department store shopping in general has been on the decline. Why would a people all of a sudden start caring about a foreign branded department store? They're better off trying to revitalize The Bay, which has some deep roots in the country.

Page 5 of 49 FirstFirst ... 3456715 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •