Lord & Taylor CEO Brendan Hoffman is leaving to take the helm at another retailer — a move that has spurred a corporate reshuffling at Lord & Taylor’s owner, sources said.
Hoffman — a former Neiman Marcus exec who has been credited with improving L&T’s business since he took the helm in 2008 — is leaving to become CEO of the troubled Bon-Ton department-store chain, sources said.
Hoffman “wanted a bigger job, leading a public company,” according to a source close to the situation.
In turn, New York real-estate tycoon Richard Baker is merging L&T with The Bay, its Canada-based sister retailer under Hudson’s Bay Trading Co., holding company controlled by Baker.
As part of the deal, Hudson’s Bay paid down about $425 million of Lord & Taylor’s debt leaving its balance at about $450 million.