The Bay is the oldest company in Canada and in North America. It was founded in 1670 and was responsible for much of the fur trade. It was sold to minority shareholder Jerry Zucker, a billionaire from South Carolina. He became the first US citizen to lead the company. It was then sold to NRDC Equity Partners a private equity firm from New York. The Hudson's Bay Company's US banner operations include Lord & Taylor, an upscale specialty retailer with 46 stores across nine states. Two new stores are planned for Spring 2012. The company also operates 3 outlet stores, Lordandtaylor.com, and two Lord & Taylor Home stores.