Lord & Taylor a Done Deals
By CHRISTINA OCCHIPINTI:: June 22, 2006

Purchase-based NRDC Equity Partners has entered into an agreement to purchase Lord & Taylor retail chain from Federated Department Stores by the end of the 2006 third quarter for $1.2 billion in cash.

Lord & Taylor, the upscale 48-store retail chain with locations in Eastchester and West Nyack, was acquired by Federated in August 2005 as part of the company's merger with May Department Stores Co.

“The Lord & Taylor acquisition furthers NRDC’s strategy of acquiring great companies that have a strong brand and valuable real estate platform,” Richard Baker, president NRDC Equity Partners, said in a statement.

Baker said Jane Elfers, Lord & Taylor's president and chief executive officer, will remain with the company.

“Lord & Taylor has been an iconic national brand for 180 years,” Baker said. “We believe there is significant opportunity to continue the revitalization of the brand begun in 2003 by Jane Elfers and her management team. Jane will remain in her current role as president and CEO and we are extremely fortunate to be able to benefit from her continued leadership.”

There have not been any decisions made regarding the future of any individual Lord & Taylor stores.