Hudson’s Bay Co. announced that is separating Saks Off 5th’s stores and e-commerce operations into separate businesses with Insight Partners, a private equity firm, taking a $200 million stake in the online business. The latest announcement is similar to another deal earlier this year that split Saks Fifth Avenue stores from its e-commerce operations. HBC CEO Richard Baker said the deals have given his company greater value and more liquidity than at any point in its history.