The Hudson’s Bay Company, Canada’s oldest department store , announced the liquidation of its 80 stores for 10 to 12 weeks on Monday March 17.
We’re going to pick up one or two of their striped wool blankets, and our favorite perfume, and maybe a pair of designer jeans before it closes.
It may sound a little cynical, as one of Canada’s most iconic stores threatens to close, but we prefer to think of it as a celebration – and a chance to return to its nostalgic white aisles one (maybe) last time.
What’s happening at The Bay?
The Hudson’s Bay Company is 355 years old, and it’s a business that has its genesis in Canada’s early days, when settlers began trading with the Inuit peoples of Nunavik and Nunavut, territories on the shores of Hudson Bay, establishing trading posts for furs, tobacco, tea and more.
It has belonged to several financiers and families, and in 2008 the Bay was bought by the American Richard Baker, who used it as leverage to buy the American Saks stores.
Today, the Bay is bankrupt and owes many creditors, including banks, owners and suppliers such as Ralph Lauren, Estée Lauder and Diesel. As far as we know, the Bay is 1.1 billion in debt… Ouch!
So, the Bay is liquidating its stores (the stock) and thinking of liquidating its stores (the buildings) to pay off its debts.
Next news in May, if the Bay hasn’t found a buyer (to save it) by then, and if nothing changes, the knell will toll in June for the Hudson’s Bay Company…
The sale of the century
In the meantime, the liquidation of The Bay stores will bring some pretty exceptional sales, and we’re going to take advantage of them, not only because we love sales, but also because every cent spent will help this beloved department store survive. And, if not, we’ll have celebrated its last days!
Happy shopping!