One of the oldest names in North American business has officially shut its doors. The Hudson’s Bay Company, known to many Canadians simply as “The Bay,” has declared bankruptcy, bringing a close to a staggering 355-year run.
Founded in 1670 as a fur trading empire, HBC predates the United States and once held a commercial grip over massive swaths of the continent. It operated trading posts, built forts, and effectively governed parts of what would become Canada. But this week, it quietly faded out of the retail landscape, closing its last 80 department stores.
What began as a British-backed fur trading company eventually evolved into a major retail brand. After the fur boom dried up in the 19th century, HBC transitioned to brick-and-mortar stores, opening its first department store in Winnipeg in 1881. For generations, it was the go-to destination for coats, cookware, and holiday gifts. At its peak, the company was woven into everyday Canadian life, both literally and culturally.
But time caught up. The internet revolution reshaped how people shop, and sprawling department stores like Hudson’s Bay lost relevance. COVID-19 hit the sector especially hard, drying up foot traffic and accelerating a shift to online retail that even HBC’s digital pivots couldn’t reverse.
In its final stretch, the company was reduced to just a handful of stores. Efforts to keep the brand alive through private equity backers and modernization plans ultimately couldn’t overcome declining sales and rising costs.
What’s Next?
While the stores are now closed, the name isn’t going away entirely. Canadian Tire purchased the Hudson’s Bay branding for $21.5 million and plans to use it on select products. So, while you may still see the logo on store shelves, the era of walking through a Hudson’s Bay flagship store is officially over.
For many Canadians, this is the end of a cultural institution because the Hudson’s Bay Company helped shape the country’s commercial and colonial history. After nearly four centuries, that chapter is now closed.
Read the original article here: North America’s Oldest Company Closes After 355 Years
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