News that Hudson’s Bay Company (HBC) was closing its doors follows a string of retail giants that toppled in recent years.
Eaton’s, Sears, Kmart, Zellers – the list goes on of stores most of our readers grew up with. Changing trends, the proliferation of online shopping, and what must be absolutely gross overhead costs for brick and mortar stores, all factor into the demise of old-time retail.
But, HBC, that’s different for a number of reasons. And it’s not because of a self-professed aversion to change or a generally conservative mindset.
There is something significant that is hard to quantify and most assuredly could easily be explained the wrong way.
The 1670 charter granted by King Charles II, established the oldest Canadian company on record. With that charter, the Hudson’s Bay Company was granted a monopoly for trade in Rupert’s Land, an expansive parcel of land surrounding the Hudson’s Bay basin. The grantee had exclusive trading rights and was a de facto government for that area.
The history of early trade and settlement forms part of the national conscience involving Indigenous groups. We find the idea that royalty from across the ocean felt entitled enough to assign rights to something that wasn’t theirs to give away, appalling. Those points readers can research further.
For us though, the charter itself offers value and cultural significance to the conversation about Reconciliation.
Canada’s oldest company was purchased in 2008 by an American private equity firm. Much of the corporate history, or artifacts in other words, were preserved in Winnipeg recognizing the incredible impact HBC has in Canada’s history. Within 17 years of American stewardship the company is bust – and with that, 355 years of history is down the drain.
As it currently stands, stores are in the process of being wound down, last-minute buyers have expressed interest in some assets, but it would appear HBC is heading for a total liquidation.
The charter itself is to form part of that final sale. Expressions of interest from private collectors to other firms hoping to leverage any value left in the name are emerging. There has been speculation this novelty will fetch millions.
It strikes us this piece of Canadiana is priceless and worthy of finding a way to keep it in the public realm. Whether a judge would be receptive to an application, or King Charles III himself might see merit in supporting the cause of preserving this cultural heritage, who knows.
It seems a sorrowful end to Canada’s oldest company and its monumental impact on the country.
