Well, what really happened is that NRDC Equity Partners, formerly National Realty &amp; Development Corp, a mall developer, did a sequence of deals.  These resulted in them owning Saks, Macys, Lord and Taylor, and Hudsons Bay. After a few reverse mergers, Hudsons Bay became the parent company. NRDC&#x27;s business is buying troubled retailers and turning them around. They&#x27;re surprisingly good at it.[1]<p>[1] <a href="http:&#x2F;&#x2F;business.financialpost.com&#x2F;executive&#x2F;management-hr&#x2F;how-richard-baker-engineered-hudsons-bay-co-s-stunning-turnaround-with-a-leap-of-faith-in-real-estate" rel="nofollow">http:&#x2F;&#x2F;business.financialpost.com&#x2F;executive&#x2F;management-hr&#x2F;ho...</a>