This means Lord & Taylor stores will be coming to Canada. They will likely be located within, not replace, flagship Bay locations. The move is meant to fill “a gap in the Canadian retail landscape between the Bay department stores and Holt Renfrew,” according to the release that announced the deal.

HBC stores like the Bay, Home Outfitters and Zellers, as well as Lord & Taylor, Fortunoff and Creative Design Studios (CDS), which are all owned by NRDC, have been consolidated under a holding company called Hudson’s Bay Trading Company, to be run by NRDC co-founder Richard Baker, who will also serve as the 38th Governor of the Hudson’s Bay Co.

Until this transaction, NRDC was a minority shareholder in HBC, which was majority owned by the Zucker family, whose patriarch, Jerry Zucker, passed away on April 12. Baker has been on HBC’s board since 2006.

The amount of the transaction was not disclosed.

UPDATE: HBC today announced it will appoint Jeffrey Sherman as the new CEO of Hudson’s Bay Company. Sherman comes to HBC from Polo Ralph Lauren Corp., where he was president and COO of Polo Retail Group.