Hudson’s Bay completes acquisition of Lord & Taylor

New York City -- Hudson’s Bay Co. has completed the acquisition of Lord & Taylor, according to a report by Women’s Wear Daily.

The report said that HBC owner Richard Baker has dissolved the umbrella company that had until now held the two chains, and that HBC would now operate The Bay and Lord & Taylor. The new entity will be run by Bay CEO Bonnie Brooks, according to the report.

HBC had no immediate comment but plans to release information later Monday, the company said. The shift also spelled the departure of Brendan Hoffman of Lord & Taylor, who is in line to take over as CEO at the department store chain Bon Ton, the report added.