Hudson's Bay Trading Company Announces retirement of Jeff Sherman, President
and CEO

TORONTO and NEW YORK, April 12 /CNW/ - Hudson's Bay Trading Company today announced Jeffrey Sherman will be retiring as President, Chief Executive Officer Hudson's Bay Company effective June 1, 2010.

"I want to thank Jeff for his significant contribution to the re-positioning and success of Hudson's Bay Company and Lord & Taylor," said Richard Baker, Chairman & CEO, Hudson's Bay Trading Company and Governor, Hudson's Bay Company. "When I convinced him a year and half ago to come out of retirement and join me in this fantastic challenge to return the Hudson's Bay Company, and later Lord & Taylor, to their rightful place as pre-eminent retailers in North America, I knew Jeff as a retail veteran wouldn't or couldn't say no. Jeff has built a strong leadership team of retail Presidents who effectively re-positioned the company with consumers, improved the overall financial performance and structure of the organization and led our team through the enormously successful Olympic program that captured the hearts and hands of Canadians."

Jeff Sherman said, "I am extremely thankful to the thousands of employees across North America who rose to the challenge and embraced our drive to reconnect in a more meaningful way with our customers and re-position Hudson's Bay Company and Lord & Taylor as leading North American retailers. In addition, I would also like to personally thank each member of the leadership team for their valuable contribution in allowing us to achieve significant improved results in each retail banner, ahead of schedule; my personal mission has now been completed. I look forward to my retirement knowing that I leave the future of the company in very capable hands."

There are no plans to replace Mr. Sherman. Mr. Baker will continue in the role of CEO and Chairman of the Hudson's Bay Trading Company and Governor of the Hudson's Bay Company.

About Hudson's Bay Trading Company

Hudson's Bay Trading Company is a leading North American retailer with key banners spanning Canada and the United States. The Hudson's Bay Trading Company's Canadian retail entity, Hudson's Bay Company, operates the Bay, a major department store, Zellers, a mass merchandise format, Home Outfitters, a kitchen, bed and bath specialty store, and value-priced Fields stores. In the US, Hudson's Bay Trading Company includes Lord & Taylor, an upscale specialty retailer with 46 stores in nine states.

For further information: In Toronto: Freda Colbourne, [phone]; In New York: Lori Rhodes, [phone]