Lord & Taylor, based in New York City, New York, The USA, is the oldest upscale, specialty-retail department store chain in the United States. Concentrated in the eastern U.S., the retailer operated independently for nearly a century prior to joining American Dry Goods (later renamed Associated Dry Goods Corp.). Today, Lord & Taylor is the sole surviving department store nameplate from Associated, as well as from May Department Stores. Lord & Taylor is wholly owned and operated by NRDC Equity Partners; which, in turn, owned by the Hudson's Bay Company. NRDC bought the chain from Federated Department Stores in October 2006 as Federated sought to concentrate on the Macy's chain after their purchase of May Department Stores (with all May department store nameplates having been converted to Macy's), and because the Lord & Taylor brand conflicted with Macy's and especially the Bloomingdale's brand.