The Bay's main store in downtown Montreal is shown in this photo taken on Thursday, March 10, 2005. (Photo: Ryan Remiorz, Canadian Press Archive)
Hudson’s Bay, Canada's oldest company, is preparing to close its remaining six stores, marking the end of an iconic era. Starting this Friday, everything on the shelves will go on sale as the company begins its final liquidation process. This decision follows weeks of uncertainty and signals the likely end for the 354-year-old retailer.
According to a court filing from Adam Zalev, the managing director of financial advisory firm Reflect Advisors, Hudson’s Bay sees little hope of finding a buyer for the remaining stores. Zalev stated that the few stores left untouched during the previous wave of closures are now making it harder for the company to attract investors.
The liquidation is expected to be completed by June 15. However, there’s a slim chance the stores could be saved if a last-minute offer comes in. If so, Hudson’s Bay has kept the door open to withdraw those locations from the sell-off.
This development is not surprising. The company filed for creditor protection last month, blaming the financial toll of COVID-19, the impact of trade disputes, and the drastic drop in foot traffic in downtown areas. Just weeks ago, Hudson’s Bay was given court permission to liquidate 74 Bay locations, 13 Saks Off Fifth stores, and two Saks Fifth Avenue stores across Canada—putting over 9,300 jobs at risk.
The company had also launched a dual effort to attract buyers—either for its leases or physical assets. Eighteen interested parties had expressed interest in about 65 store leases, but that momentum has stalled.
In another dramatic twist, Hudson’s Bay is also planning to auction off thousands of historical artifacts, some of which date back to the 17th century. The collection includes a royal charter from King Charles II issued in 1670, which established the company and gave it immense control over land and trade in what is now Canada.
This potential auction has drawn sharp criticism. First Nations leaders, historians, and cultural institutions are calling on the company to halt the sale. Grand Chief Kyra Wilson of the Assembly of Manitoba Chiefs wrote in a letter that these items carry deep spiritual and cultural meaning for Indigenous communities and should not be sold without proper consultation. She called the proposed sale another form of colonial injustice.
Alongside Wilson’s letter, Zalev’s filing included a request from Canada’s Advisory Committee for Memory of the World, urging Hudson’s Bay to transfer its charter to a public archive, like the Archives of Manitoba. The group warned that selling such a rare document to a private collector could mean the loss of an irreplaceable piece of national heritage.
While the full list of auction items hasn't been released, insiders say it may include everything from 17th-century paintings and original documents to Hudson’s Bay point blankets and even collectible Barbie dolls.
