Experts say that Hudson’s Bay had been in decline long before then, some tracing its issues back to its 2008 acquisition by the American investment firm NRDC Equity Partners, and saying that the company’s new ownership prioritized its real estate over a cohesive retail strategy.
Emphasis mine.
I saw NRDC, and read Natural Resources Defense Counsel, but it’s National Realty & Development Corp.
Yup. They’re in it because they now own all the real estate. The business wasn’t important.