Many Canadians are frustrated after court documents revealed that Hudson’s Bay will liquidate its six stores originally meant to be spared due to a lack of viable buyers.
Last month, the Ontario Superior Court approved that Hudson’s Bay sell off inventory of 73 stores across the country, saving only six from liquidation. Since then, the company has announced large-scale sales across the country in preparation for vacating most stores by June 30.
But the Canadian retail giant plans to start liquidating the other six stores meant to be spared on Friday, claiming that “it is unlikely” that it will be able to find a viable buyer anytime soon, according to Managing Director of Reflect Advisors Adam Zalev in documents obtained by the CBC.
The six stores thought to remain open were based in Ontario, and included Toronto locations at the Eaton Centre, Yorkdale Mall, and Hillcrest Mall in Richmond Hill. The newly announced liquidation puts at risk the 9,364 jobs originally meant to be spared by keeping the stores.
In early March, Hudson’s Bay originally decided to close its doors after it failed to get financial support to restructure under the Companies Creditors Arrangement Act (CCAA).
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Court documents also revealed that the company is set to ask the court for permission to auction off a 355-year-old royal charter that kicked off its activities along with thousands of artifacts and pieces owned by the company and displayed in some of its stores, according to The Canadian Press.
The historical document is a charter signed by King Charles II in 1670 that established Canada’s oldest company and gave it the right to occupy a large piece of land and the power to influence Indigenous relations for many years.
It is now on display at the Manitoba Museum as part of a collection of Hudson’s Bay artifacts.
According to a notice of motion filed last week, the company considers the move the most “fair and efficient” way to protect the historical pieces while monetizing them.
CANADIANS UPSET OVER CLOSURE
In light of the news, many Canadians are disappointed with the very real possibility that the country’s oldest business will officially end its centuries-long reign.
“It’s an end to a long era dating all the way back to the 1670s. Bye-bye Hudson Bay Company,” a user wrote on X.
“It’s too bad that they couldn’t have at least kept the ‘flagship’ store in downtown Toronto open.
I know the origins of the store aren’t good, but it’s still sad to see it shut down entirely,” a Bluesky user also commented.
Some residents are also calling for government interference and other possible solutions to keep the company from ending altogether.
“Could we start crowdfunding to buy Hudson’s Bay as an act of patriotism,” one user suggested.
“If Hudson’s Bay is closing, why not repatriate it? There’s a royal charter! The King’s still our head of state! Turn it into a publicly owned Canadian alternative to Amazon. Nationalize the Bay, keep the Charter alive, and build a digital trading post for the 21st century,” a different user chimed in.
“@mark-carney.bsky.social If you’re serious about a ‘single Canadian economy,’ here’s your perfect vehicle: repatriate Hudson’s Bay. The royal charter still stands. The artifacts are in Canada. Reclaim it. Make it a public digital trading post to unite the economy,” another user added.
