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Canada''s largest privately owned department store, the T Eaton Company Ltd, founded in 1869, had recently emerged from bankruptcy protection and was now planning to raise $175 million through an initial public offering (IPO). Investment bankers must determine the appropriate share price and consider the appropriateness of the timing for the issue. The case describes North American retail industry trends and the bankruptcy protection process and provides a detailed discussion of the IPO process and valuation considerations. Detailed ''comparables'' are provided for such firms as Federated, Nordstrom''s and Dillard. The case provides an opportunity to apply a number of valuation techniques, including discounted cash flow, price-to-earnings multiples and enterprise value-to-EBITDA multiples.