Fed Sells L&T
Cincinnati-based Federated Department Stores will sell the upscale Lord & Taylor department store chain to a property development firm for nearly $1.2 billion. NRDC Equity Partners LLC, based in Purchase, N.Y., was formed by principals of Apollo Real Estate Advisors L.P. and National Realty & Development Corp. The deal nets NRDC 48 Lord & Taylor stores and a distribution center in Wilkes-Barre, Pa. NRDC has said it will continue to operate Lord & Taylor as a specialty department store chain and that it will retain the retailer’s current management team, including chief executive officer Jane Elfers.
