September 26, 2008 8:23 PM
- Text
Elfers Out at Lord & Taylor
(MoneyWatch) Hudson's Bay Trading Co. has taken control of its new Lord & Taylor division by firing longtime CEO Jane Elfers.
Women's Wear Daily reported Friday that Elfers will be replaced by Brendan Hoffman, president and CEO of Neiman Marcus Direct. Hudson's Bay CEO Jeffrey Sherman plans to take stronger control of its various divisions and combine back-office functions to cut expenses and boost profitability, sources told WWD.
The largest, oldest retailer in Canada was purchased in July by NRDC Equity Partners, a real estate firm that has assembled a portfolio of major retailers, including Lord & Taylor, which it purchased in 2006, and Fortunoff, acquired out of bankruptcy last January. Retail holdings were organized under the Hudson's Bay Trading Co. banner and include four store divisions in Canada.
Elfers was credited with rejuvenating Lord & Taylor, which had grown tired and tatty under former owners Federated Department Stores. While she ran the chain, it turned profitable, with a focused, upscale set of brands and renovated stores.
Women's Wear Daily reported Friday that Elfers will be replaced by Brendan Hoffman, president and CEO of Neiman Marcus Direct. Hudson's Bay CEO Jeffrey Sherman plans to take stronger control of its various divisions and combine back-office functions to cut expenses and boost profitability, sources told WWD.
The largest, oldest retailer in Canada was purchased in July by NRDC Equity Partners, a real estate firm that has assembled a portfolio of major retailers, including Lord & Taylor, which it purchased in 2006, and Fortunoff, acquired out of bankruptcy last January. Retail holdings were organized under the Hudson's Bay Trading Co. banner and include four store divisions in Canada.
Elfers was credited with rejuvenating Lord & Taylor, which had grown tired and tatty under former owners Federated Department Stores. While she ran the chain, it turned profitable, with a focused, upscale set of brands and renovated stores.
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