NRDC's Lord & Taylor purchase is completed.

NRDC Equity Partners, LLC announced that it has completed its acquisition of Lord & Taylor from Federated Department Stores for $1.083 billion.

Richard Baker, president of NRDC Equity Partners said, "This is a very exciting time for NRDC. We are impressed by the strong operating results at Lord & Taylor. The customer is responding well to the repositioning efforts of the company led by CEO and President Jane Elfers and her management team."

"We believe the consolidation within the retail industry creates a viable, long-term business opportunity for the continued growth of Lord & Taylor. In light of this, we have researched each of Lord & Taylor's locations and have developed a $150 million capital budget to improve the current facilities."

"Lord & Taylor will continue to operate in all of their current markets and we are looking for opportunities to open additional Lord & Taylor stores," Baker continued.

"However, we are currently in discussions with our landlord at Water Tower Place in Chicago, which may result in the termination of our lease and the closure of this store in 2007." If the store is closed, the majority of Lord & Taylor associates at Water Tower will be offered ongoing opportunities at other Lord & Taylor locations.

Lord & Taylor is an upscale specialty department store, with 48 stores in 9 states and the District of Columbia.