[fastcarsfreedom]

On another retail-related note, the estate of late private equity investor Jerry Zucker has sold HBC to the parent company of U.S. department store chain Lord & Taylor and jewelry and home fashion retailer Fortunoff.

Initial plans call for the Lord & Taylor brand to be introduced to Canada via a launch of 10-15 stores--in a market position slightly upscale of The Bay/Sears and slightly downscale of Holt Renfrew. While operating a flagship in Manhattan--L&T is primarily a suburban operator and the Canadian locations while likely be primarily suburban (although The Bay operates in two locations in Downtown Toronto, where a potential coversion opportunity exists). The new management says it intends to complete a refresh of both The Bay and Zellers, as well as bringing it's Fortunoff stores to Canada. Interestingly they made no mention of Home Outfitters--which they seem destined to divest--likely to Bed Bath & Beyond, which is just entering the Canadian market itself.