The retail conglomerate that owns Lord & Taylor is planning to go public this fall, The Post has learned.
Hudson’s Bay Co. — which also operates the Canada-based Bay department stores and is the oldest commercial operation in North America — could be valued at upwards of $4 billion in a listing on the Toronto Stock Exchange, sources said.
Despite a uncertain outlook for consumer spending, insiders close to the situation believe the retailer could fetch as much as nine times its $450 million in Ebitda, or earnings before taxes, interest, depreciation and amortization.
While that’s a steep valuation for a retailer, insiders said the company’s Ebitda has more than quadrupled during the past four years.
Likewise, people close to the deal are optimistic it can fetch a premium on the Toronto stock exchange, which has a relative lack of retail and consumer companies.
Sources said Hudson’s Bay plans to float shares equal to a stake of about 20 percent of the company.
A successful overhaul of the Bay and Lord & Taylor department stores has resulted in climbing sales and renewed growth.
“They’re doing better than their peer group,” said one insider, referring to the department store niche.
Hudson’s Bay was acquired in 2008 by NRDC Equity Partners, a New York firm controlled by real-estate mogul Richard Baker.
NRDC purchased Lord & Taylor in 2006.”
Officials at Hudson’s Bay and NRDC didn’t immediately respond to requests for comment.
jcovert@nypost.com