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They were purchased by Hudson's Bay Company, which was founded in 1670. It almost seems anachronistic to see a historical institution from the 17th century buy
by stephenboyd 11y ago
They were purchased by Hudson's Bay Company, which was founded in 1670. It almost seems anachronistic to see a historical institution from the 17th century buy up a hyped tech company.
TechCrunch's front page headline for this is "Gilt Gets Acquired For $250M by Saks Fifth," which wouldn't be as interesting and isn't even accurate since Saks is just another HBC subsidiary. This is like if the East India Company bought Groupon.
- Animats 11y agoWell, what really happened is that NRDC Equity Partners, formerly National Realty & 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's business is buying troubled retailers and turning them around. They're surprisingly good at it.[1] [1] http://business.financialpost.com/executive/management-hr/how-richard-baker-engineered-hudsons-bay-co-s-stunning-turnaround-with-a-leap-of-faith-in-real-estate http://business.financialpost.com/executive/management-hr/ho...
- deleted 11y ago[deleted]