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June 23, 2006
Lord & Taylor Fetches $1.2 Billion
NRDC Equity Partners snapped up Lord & Taylor for $1.2 billion this week, with plans to keep most of the 48-store chain intact.
New York-based NRDC invests in well-known retail brands with valuable real estate, and L&T certainly fits the bill.
The chain’s 600,000-square foot Manhattan flagship is considered its most coveted asset. NRDC said it plans to keep the flagship a retail location, although it could scale it down to 300,000 to 400,000 feet.
What isn’t immediately clear is how the group plans to revive the aging image of L&T. The chain will be run by NRDC's Richard Baker, who will assume the role of chairman.
Posted by Blacks on June 23, 2006 09:06 AM
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