Department store operator Hudson’s Bay has completed the acquisition of its affiliate Lord & Taylor Holdings. Following the deal, Hudson’s Bay will run The Bay and Lord & Taylor banners. Richard Baker will remain governor and chief executive of the new partnership while Donald Watros continues as chief operating officer.

Bonnie Brooks, at present president and chief executive of The Bay, will become president of the Hudson’s Bay Company. Baker said Brendan Hoffman, president and chief executive of Lord & Taylor, will be leaving the retailer to pursue other opportunities. Hudson’s Bay invested $427m (£272.5m) in Lord & Taylor, which used the money to reduce corporate debt.

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