 | It has been suggested that this article besplit out into a new article titledHistory of the Hudson's Bay Company. (Discuss)(July 2025) |
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| Formerly | The Governor and Company of Adventurers of England Trading Into Hudson’s Bay |
|---|---|
| Company type | Privately held |
| Industry | Retail |
| Genre | Department stores |
| Founded | 2 May 1670; 355 years ago (1670-05-02) inLondon,England |
| Founders | |
| Fate | Creditor protection and liquidation |
| Successor |
|
| Headquarters | |
Areas served | Canada |
Key people | Richard Baker (governor, executive chairman and CEO) |
| Revenue |  CA$9.4 billion (2018) |
 CA$−631 million (2018) | |
Number of employees | 9,364 (at liquidation, 2025) |
| Parent | NRDC Equity Partners (2008–2025) |
| Subsidiaries | Hudson's Bay (1881–2025) Previously defunct and/or divested
|
| Website | Archived official website |
| Footnotes / references [1][2][3][4] | |
| Part ofa series on the |
| History of Canada |
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TheHudson's Bay Company[a] (abbreviatedHBC and colloquiallyHudson's Bay[b]) is a Canadianholding company ofdepartment stores andcommercial property. It is the oldest corporation in North America, founded in 1670 and currently beingliquidated. It is headquartered at theSimpson Tower inToronto.
The foundingroyal charter, issued byKing Charles II, granted the company the right of "sole trade and commerce" over theRupert's Land territory, the borders of which were based on theHudson Bay drainage basin. It controlled thefur trade throughoutEnglish and laterBritish North America, and was itsde facto government until it relinquished control of the land toCanada in 1869. The company then diversifed with the ownership and operation of several retail businesses throughout the latter country. It established itsnamesake department stores in 1881, theHome Outfitters home furnishings stores in 1999, and acquired theZellers andFields discount stores in 1978. It also owned several regional department stores that were eventually converted to The Bay, includingMorgan's,Simpsons, andWoodward's. Expansions beyond Canada included the United States, where it owned department stores includingLord & Taylor,Saks Fifth Avenue, andSaks Off 5th in the 2010s; and theNetherlands, where it sold its remaining stores in 2019.[5][6][7]
HBC was bought by American businessmanJerry Zucker in 2006, and acquired byNRDC Equity Partners in 2008 following Zucker’s death. It was operated by the NRDC holding companyHudson's Bay Trading Company until 2012. It wentpublic on theToronto Stock Exchange in 2012, and becameprivately held in 2020. The companyspun-off its American assets into the holding companySaks Global in November 2024, and filed for creditor protection in March 2025. By this time, its business consisted only of Hudson's Bay stores and the Canadian locations of Saks. Following the closure of its remaining stores by June 2025 and the subsequent sale of its intellectual property toCanadian Tire, the Hudson's Bay Company was renamed1242939 B.C. Unlimited Liability Co. in August 2025.[8][9]
For much of the 17th century, the French colonists in North America, based inNew France, operated ade factomonopoly in the North Americanfur trade. TwoFrench traders,Pierre-Esprit Radisson andMédard des Groseilliers (Médard de Chouart, Sieur des Groseilliers), Radisson's brother-in-law, learned from theCree that the best fur country lay north and west ofLake Superior, and that there was a "frozen sea" still further north.[10] Assuming this was Hudson Bay, they sought French backing for a plan to set up a trading post on the Bay in order to reduce the cost of moving furs overland. According toPeter C. Newman, "concerned that exploration of the Hudson Bay route might shift the focus of the fur trade away from theSt. Lawrence River, the French governor",Marquis d'Argenson (in office 1658–61), "refused to grant thecoureurs des bois permission to scout the distant territory".[10] Despite this refusal, in 1659 Radisson and Groseilliers set out for the upper Great Lakes basin. A year later they returned to Montreal with premium furs, evidence of the potential of the Hudson Bay region. Subsequently, they were arrested by French authorities for trading without a licence and fined, and their furs were confiscated by the government.[11]
Determined to establish trade in the Hudson Bay area, Radisson and Groseilliers approached a group of English colonial merchants inBoston to help finance their explorations. The Bostonians agreed on the plan's merits, but their speculative voyage in 1663 failed when their ship ran intopack ice in theHudson Strait. Boston-based English commissioner Colonel George Cartwright learned of the expedition and brought the two to England to raise financing.[10] Radisson and Groseilliers arrived in London in 1665 at the height of theGreat Plague. Eventually, the two met and gained the sponsorship ofPrince Rupert. Prince Rupert introduced the two to his cousin, the reigning king –Charles II.[12] In 1668 the English expedition acquired two ships, theNonsuch and theEaglet, to explore possible trade into Hudson Bay. Groseilliers sailed on theNonsuch, commanded by CaptainZachariah Gillam, while theEaglet was commanded by Captain William Stannard and accompanied by Radisson. On 5 June 1668, both ships left port atDeptford, England, but theEaglet was forced to turn back off the coast of Ireland.[11][13]
TheNonsuch continued toJames Bay, the southern portion of Hudson Bay, where its explorers founded, in 1668, the first fort on Hudson Bay, Charles Fort[14] at the mouth of theRupert River. It later became known as "Rupert House", and developed as the community of present-dayWaskaganish, Quebec. Both thefort and the river were named after the sponsor of the expedition, Prince Rupert of the Rhine, one of the major investors and soon to become the new company's first governor. After a successful trading expedition over the winter of 1668–69,Nonsuch returned to England on 9 October 1669 with the first cargo of fur resulting from trade in Hudson Bay.[11] The bulk of the fur – worth £1,233 – was sold to Thomas Glover, one of London's most prominent furriers. This and subsequent purchases by Glover proved the viability of the fur trade in Hudson Bay.[15]
| Hudson's Bay Company Act 1689 | |
|---|---|
| Act of Parliament | |
 | |
| Long title | An Act for confirming to the Governor and Company trading to Hudson's Bay, their Privileges and Trade. |
| Citation | 2 Will. & Mar. c.15Pr. |
| Territorial extent | England and Wales |
| Dates | |
| Royal assent | 20 May 1690 |
| Commencement | 20 March 1690[c] |
Status: Current legislation | |
A royal charter from King Charles II incorporated "The Governor and Company of Adventurers of England, trading into Hudson's Bay" on 2 May 1670.[16] The charter granted the company a monopoly over the region drained by all rivers and streams flowing into Hudson Bay in northern parts of present-day Canada, taking possession on behalf of England. The area was named "Rupert's Land"[17] after Prince Rupert,[18]the first governor of the company appointed by the King. This drainage basin of Hudson Bay spans 3,861,400 square kilometres (1,490,900 sq mi),[19] comprising over one-third of the area of modern-day Canada, and stretches into the present-day north-centralUnited States. The specific boundaries remained unknown at the time. Rupert's Land would eventually become Canada's largest land"purchase" in the 19th century.[20]
The HBC established six posts between 1668 and 1717. Rupert House (1668, southeast),[21]Moose Factory (1673, south)[22] and Fort Albany, Ontario (1679, west)[23] were erected on James Bay; three other posts were established on the western shore of Hudson Bay proper:New Severn (1685),[24]York Factory (1684), andFort Churchill (1717). Inland postswere not built until 1774. After 1774, York Factory became the main post because of its convenient access to the vast interior waterway-systems of theSaskatchewan andRed rivers. Originally called "factories" because the"factor", i.e., a person acting as a mercantile agent, did business from there, these posts operated in the manner of the Dutch fur-trading operations inNew Netherland. By adoption of the Standard of Trade in the 18th century, the HBC ensured consistent pricing throughout Rupert's Land. A means of exchange arose based on the "Made Beaver" (MB); a prime pelt, worn for a year and ready for processing: "the prices of all trade goods were set in values of Made Beaver (MB) with other animal pelts, such as squirrel, otter and moose quoted in their MB (made beaver) equivalents. For example, two otter pelts might equal 1 MB".[25]
During the fall and winter,First Nations men and Europeanfur trappers accomplished the vast majority of the animal trapping and pelt preparation. They travelled bycanoe and on foot to the forts to sell their pelts. In exchange they typically received popular trade-goods such as knives, kettles, beads, needles, and theHudson's Bay point blanket. The arrival of the First Nations trappers was one of the high points of the year, met with pomp and circumstance. The highlight was very formal, an almost ritualized "trading ceremony" between the chief trader and the captain of the Indigenous contingent who traded on their behalf.[26] During the initial years of the fur trade, prices for items varied from post to post.[27]
The early coastal factory model of the English contrasted with the system of the French, who established an extensive system of inland posts at native villages and sent traders to live among the tribes of the region, learning their languages and often forming alliances through marriages with Indigenous women. In March 1686 the French sent araiding party under theChevalier de Troyes more than 1,300 km (810 mi) to capture the HBC posts along James Bay. The French appointedPierre Le Moyne d'Iberville, who had shown great heroism during the raids, as commander of the company's captured posts. In 1687 an English attempt toresettle Fort Albany failed due to strategic deceptions by d'Iberville. After 1688 England and Francewere officially at war, and the conflict played out in North America as well. D'Iberville raided Fort Severn in 1690 but did not attempt to raid the well-defended local headquarters at York Factory. In 1693 the HBCrecovered Fort Albany; d'Ibervillecaptured York Factory in 1694, but the company recovered it the next year.[28]
In 1697, d'Iberville again commanded a French naval raid on York Factory. On the way to the fort he defeated three ships of the Royal Navy in theBattle of Hudson's Bay (5 September 1697), the largest naval battle in the history of the North American Arctic. D'Iberville's depleted French force captured York Factory by laying siege to the fort and pretending to be a much larger army. The French retained all of the outposts except Fort Albany until 1713. A small French and Indian force attacked Fort Albany againin 1709 duringQueen Anne's War but was unsuccessful. The economic consequences of the French possession of these posts for the company were significant; the HBC did not pay any dividends for more than 20 years. SeeAnglo-French conflicts on Hudson Bay.[29]
With the ending of theNine Years' War in 1697, and theWar of the Spanish Succession in 1713 with the signing of theTreaty of Utrecht, France had made substantial concessions. Among the treaty's many provisions, it required France to relinquish all claims to Great Britain on the Hudson Bay, which again became a British possession.[30] (TheKingdom of Great Britain had been established following the union of Scotland and England in 1707).
After the treaty, the HBC builtPrince of Wales Fort, a stonestar fort at the mouth of the nearbyChurchill River.[31] In 1782, during theAmerican Revolutionary War, a French squadron underJean-François de Galaup, comte de Lapérousecaptured and demolished York Factory and Prince of Wales Fort in support of the American rebels.[32]
In its trade with Indigenous peoples, Hudson's Bay Company exchanged wool blankets, called Hudson's Bay point blankets, for the beaver pelts trapped by Indigenous hunters. By 1700, point blankets accounted for more than 60 per cent of the trade.[33] The number ofindigo stripes (a.k.a. points) woven into the blankets identified its finished size. A long-held misconception is that the number of stripes was related to its value in beaver pelts.[34]
A parallel may be drawn between the HBC's control over Rupert's Land with the trade monopoly and government functions enjoyed by theEast India Company over India during roughly the same period. The HBC invested £10,000 in the East India Company in 1732, which it viewed as a major competitor.[35]
Hudson's Bay Company's first inland trading post was established bySamuel Hearne in 1774 withCumberland House, Saskatchewan.[36][37]
Conversely, a number of inland HBC "houses" pre-date the construction of Cumberland House, in 1774. Henley House, (HH) established in 1743, inland from Hudson Bay, at the confluence of theAlbany and Kenogami Rivers, a prime strategic location between Upland and Lowland Indigenous peoples, as well as the rival English and French traders. HH was dependent on Albany River – Fort Albany for lines of communication. Henley House was sacked in 1754, and its servants killed. Three of the five attackers (rebels?) were apprehended at Albany Fort and hanged on June 21, 1755. HH was raised a few years later, then rebuilt in 1759, only to be sacked again immediately.[38] Next, the inland houses of Split Lake and Nelson Houses were established between 1740 and 1760. These were dependent on York River – York Factory and Churchill River, respectively. Although not inland, Richmond Fort was established in 1749. This was on an island within Hudson Bay. It was titled a "New Discovery" in 1749, and by 1750 was titled Richmond Gulf. The name was changed to Richmond Fort and given the abbreviation RF from 1756 to 1759, it served mainly as a trade goods and provisions storage location.[39] Additional inland posts were Capusco River and Chickney Creek, both circa 1750. Likewise, Brunswick (1776), New Brunswick (1777), Gloucester (1777), Upper Hudson (ca. 1778), Lower Hudson (1779), Rupert, and Wapiscogami Houses were established in the 1770s.[40][41][42][43][44] These post-date Cumberland House, yet speak to the expanding inland incursion of the HBC in the last quarter of the 18th century. Minor posts also during this time period include Mesackamy/Mesagami Lake (1777), Sturgeon Lake (1778), and Beaver Lake Posts.[45][46]
In 1779, other traders founded theNorth West Company (NWC) inMontreal as a seasonal partnership to provide more capital and to continue competing with the HBC. It became operative for the outfit of 1780 and was the firstjoint-stock company in Canada and possibly North America. The agreement lasted one year. A second agreement established in 1780 had a three-year term. The company became a permanent entity in 1783.[47] By 1784, the NWC had begun to make serious inroads into the HBC's profits.[48]
The North West Company (NWC) was the main rival in the fur trade. The competition led to the smallPemmican War in 1816, which culminated in theBattle of Seven Oaks on 19 June 1816.[49] In 1821, the NWC and Hudson's Bay Company were forcibly merged by intervention of the British government to put an end to the violent competition. Of the 175 posts, 68 of them the HBC's, were reduced to 52 for efficiency and because many were redundant as a result of the rivalry and were inherently unprofitable.[50] Their combined territory was extended by a licence to theNorth-Western Territory, which reached to theArctic Ocean in the north and, with the creation of theColumbia Department in thePacific Northwest, to thePacific Ocean in the west. The NWC's regional headquarters atFort George (Fort Astoria) was relocated toFort Vancouver by 1825, making it the HBC's base of operations on thePacific Slope.[51]
Before the merger, the employees of the HBC, unlike those of the NWC, did not participate in its profits. After the merger, with all operations under the management ofSir George Simpson (1826–60), the company had a corps of commissioned officers: 25 chief factors and 28 chief traders, who shared in the company's profits during the monopoly years. Its trade covered 7,770,000 km2 (3,000,000 sq mi), and it had 1,500 contract employees.[52]
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Between 1820 and 1870, the HBC issued its ownpaper money. The notes, denominated in sterling, were printed in London and issued at York Factory for circulation primarily in theRed River Colony.[53][54]
Although the HBC maintained a monopoly on the fur trade during the early to mid-19th century, there was competition from James Sinclair andAndrew McDermot (Dermott), independent traders in the Red River Colony. They shipped furs by theRed River Trails toNorman Kittson,[55] a buyer in the United States. In addition, Americans controlled themaritime fur trade on the Northwest Coast until the 1830s.[56]
Throughout the 1820s and the 1830s, the HBC controlled nearly all trading operations in the Pacific Northwest region and was based at its headquarters at Fort Vancouver, on theColumbia River.[57] Although claims to the region were by agreement in abeyance, commercial operating rights were nominally shared by the United States and Britain through theAnglo-American Convention of 1818, but company policy, enforced via Chief FactorJohn McLoughlin of the company'sColumbia District, was to discourage US settlement of the territory. The company's effective monopoly on trade virtually forbade any settlement in the region.[58]
Over and above the NWC Fort George headquarters site, the HBC carried on the early presence in the region of the NWC when it merged in 1821 with noteworthy sites:Spokane House,Fort Okanogan andFort Nez Percés.Fort Colville located further North on the Columbia River replaced Spokane House in 1825.
In the mid-1820s,Peter Skene Ogden and a brigade of over 100 men pushed south to trap in the area that is now the state ofUtah. As one of the notable early European explorers in the region, several locations in northern Utah now bear Ogden's name, including the city ofOgden,[59] theOgden Valley and theOgden River.
Fort Umpqua was established in 1832 in present-day southernOregon after theWillamette River had been explored up toward its headwaters by mainly the NWC. Nisqually House was built during the same year to establish a presence further North on Puget Sound in present-day State ofWashington, resulting inFort Nisqually a few years later closer to present-day Canadian sites.
The HBC establishedFort Boise in 1834 (in present-day southwestern Idaho) to compete with the AmericanFort Hall, 483 km (300 mi) to the east. In 1837, it purchased Fort Hall, also along the route of theOregon Trail. The outpost director displayed the abandoned wagons of discouraged settlers to those seeking to move west along the trail.[60]
HBC trappers were also deeply involved in the early exploration and development ofNorthern California. Company trapping brigades were sent south from Fort Vancouver, along what became known as theSiskiyou Trail, into Northern California as far south as theSan Francisco Bay Area, where the company operated a trading post atYerba Buena (San Francisco). The southern-most camp of the company wasFrench Camp, east of San Francisco in the Central Valley adjacent to the future site of the city ofStockton. These trapping brigades in Northern California faced serious risks, and were often the first to explore relatively uncharted territory. They included the lesser knownPeter Skene Ogden andSamuel Black.[61][62]
The HBC also operated a store in what were then known as the Sandwich Islands (now theHawaiian Islands), engaging in merchant shipping to the islands between 1828 and 1859.[63]
Extending the presence it had built in present-day British Columbia northern coast, the HBC reached by 1838 as far North asFort Stikine in theAlaska Panhandle by present-dayWrangell. TheRAC-HBC agreement (1839) with theRussian American Company (RAC) provided for such a continuing presence in exchange for the HBC to supply the Russian coastal sites with agricultural products. ThePuget Sound Agricultural Company subsidiary was created to supply grain, dairy, livestock and manufactured goods out of Fort Vancouver, Fort Nisqually,Fort Cowlitz andFort Langley in present-day southern British Columbia.
The company's stranglehold on the region was broken by thefirst successful large wagon train to reach Oregon in 1843, led byMarcus Whitman. In the years that followed, thousands of emigrants poured into theWillamette Valley of Oregon. In 1846, the United States acquired full authority south of the49th parallel; the most settled areas of the Oregon Country were south of the Columbia River in what is now Oregon. McLoughlin, who had once turned away would-be settlers when he was company director, then welcomed them from his general store atOregon City. He later became known as the "Father of Oregon".[64]
The HBC also carried on the early presence in the region of the NWC in present-day central and northernBritish Columbia with noteworthy sites:Fort Alexandria,Fort d'Épinette (Fort St. John),Fort St. James,Fort George andFort Shuswap (Fort Kamloops).
Since the 1818 Treaty settled the 49th parallel border only as far as theRocky Mountains, the HBC was looking for a site further West in case the parallel border would become further extended at the end of the 10 years joint occupancy term. By 1824, the HBC was commissioning an expedition to travel from theFort George regional headquarter on the southern shore of theColumbia River all the way to theFraser River. The three boats 40 some crew led by theJames McMillan were first to officially ever make it toPuget Sound from the continent, to reach its northern end intoBoundary Bay and to bypass the mouth of the Fraser. They shortcut through two mainland rivers and a portage in order to finally reach the lower Fraser. Friendly tribes were identified along with subsistence farming land suitable for sustaining a trading post. The firstFort Langley was subsequently built (1827), establishing an early settlers long lasting presence in current day southern British Columbia. The fur trade in a wet climate turned out to be marginal and quickly evolved into a salmon trade site with abundant supply in the vicinity.
The HBC stretched its presence North on the coastline withFort Simpson (1831) on theNass River,Fort McLoughlin (1833) and theBeaver (1836), the first steamship to ever roam the Pacific Northwest for resupplying its coastline sites. The HBC was securing a trading monopoly on the coastline keeping away independent American traders: "By 1837, American competition on the North West Coast was effectively over".[65]
The HBC gained more control of the fur trade with both the coastline and inland tribes to access the fur richNew Caledonia district in current day northern British Columbia: "monopoly control of the coastal fur trade allowed the HBC to impose a uniform tariff on both sides of the Coast Mountains".[66]
By 1843, under pressure from the Americans to withdraw further North with the loomingOregon Treaty border negotiation finalized in 1846, and strong of its coastal presence on the northern coast, HBC builtFort Victoria at the southern end of present-dayVancouver Island in southern BC. A well sheltered ocean port with agricultural potential in the vicinity would allow the new regional headquarter to further develop the trade on salmon, timber and cranberries. Trade via the Hawaiian post was also increasing. TheFort Rupert (1849) at the northern end of the island would open up access to coal fields. On the continent mainland,Fort Hope andFort Yale (1848) were built to extend the HBC presence on theFraser River as far as navigable. Brigades would link a rebuiltFort Langley (1840) on the Lower Fraser toFort Kamloops by 1850 and the rest of the transportation network toYork Factory on theHudson Bay along with theNew Caledonia district fur returns.
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The Guillaume Sayer trial in 1849 contributed to the end of the HBC monopoly.Guillaume Sayer, aMétis trapper and trader, was accused of illegal trading in furs. The Court ofAssiniboia brought Sayer to trial, before a jury of HBC officials and supporters. During the trial, a crowd of armed Métis men led byLouis Riel Sr. gathered outside the courtroom. Although Sayer was found guilty of illegal trade, having evaded the HBC monopoly, JudgeAdam Thom did not levy a fine or punishment. Some accounts attributed that to the intimidating armed crowd gathered outside the courthouse. With the cry, "Le commerce est libre! Le commerce est libre!" ("Trade is free! Trade is free!"), the Métis loosened the HBC's previous control of the courts, which had enforced their monopoly on the settlers of Red River.[citation needed]
Another factor was the findings of thePalliser Expedition of 1857 to 1860, led by CaptainJohn Palliser. He surveyed the area of the prairies and wilderness from Lake Superior to the southern passes of the Rocky Mountains. Although he recommended against settlement of the region, the report sparked a debate. It ended the myth publicized by Hudson's Bay Company: that the Canadian West was unfit for agricultural settlement.[citation needed]
In 1863, theInternational Financial Society bought controlling interest in the HBC, signalling a shift in the company's outlook: most of the new shareholders were less interested in the fur trade than in real estate speculation and economic development in the West. The Society floated £2 million in public shares on non-ceded land held ostensibly by the Hudson's Bay Company as an asset and leveraged this asset for collateral for these funds. These funds allowed the Society the financial means to weather thefinancial collapse of 1866 which destroyed many competitors and invest in railways in North America.[67]
In 1869, after rejecting the American government offer ofCA$10 million,[68] the company approved the return of Rupert's Land to Britain. The government gave it to Canada and loaned the new country the £300,000 required to compensate HBC for its losses.[69] HBC also received one-twentieth of the fertile areas to be opened for settlement and retained title to the lands on which it had built trading establishments.[70] The deal, known as theDeed of Surrender, came into force the following year. The resulting territory, theNorth-West Territories, was brought under Canadian jurisdiction under the terms of theRupert's Land Act 1868, enacted by the Parliament of the United Kingdom. The Deed enabled the admission of the fifth province,Manitoba, to theConfederation on 15 July 1870, the same day that the deed itself came into force.[71]
During the 19th century the Hudson's Bay Company went through great changes in response to such factors as growth of population and new settlements in part of its territory, and ongoing pressure from Britain. It seemed unlikely that it would continue to control the future of the West.[72]
The modern department store evolved from trading posts at the start of the 19th century, when they began to see demand for general merchandise grow rapidly. HBC soon expanded into the interior and set-up posts along river settlements that later developed into the modern cities of Winnipeg,Calgary andEdmonton. In 1857, the first sales shop was established inFort Langley. This was followed by other sales shops inFort Victoria (1859), Winnipeg (1881), Calgary (1884),Vancouver (1887),Vernon (1887), Edmonton (1890),Yorkton (1898), andNelson (1902). The first of the grand "original six" department stores was built in Calgary in 1913. The other department stores that followed were in Edmonton, Vancouver, Victoria,Saskatoon, and Winnipeg.[73][74]
TheFirst World War interrupted a major remodelling and restoration of retail trade shops planned in 1912. Following the war, the company revitalized its fur trade and real estate activities, and diversified its operations by venturing into the oil business.[75][76] During theRussian Civil War, the company briefly operated in theSiberian far east, even obtaining an agreement with theSoviet government until departing in 1924.[77] The company co-foundedHudson's Bay Oil and Gas Company (HBOG) in 1926 withMarland Oil Company (which merged withConoco in 1929). Although the company diversified into a number of areas, its department store business is the only remaining part of the company's operations, in the form of department stores under the Hudson's Bay brand.[78] The company also established new trading posts in the Canadian Arctic.
The medical scientistFrederick Banting was travelling in the Arctic in 1927 when he realized that crew or passengers on board the HBC paddle wheelerDistributor were responsible for spreading the influenza virus down theSlave River andMackenzie River. Less than a decade afterthe 1918 global flu pandemic, a similar virus spread territory-wide over the summer and autumn, devastating the Indigenous population of the north.[79][80] Returning from the trip, Banting gave an interview in Montreal with aToronto Star reporter under the agreement that his statements on HBC would remain off the record.[79] The newspaper nonetheless published the conversation, which rapidly reached a wide audience across Europe and Australia.[79][81] Banting was angry at the leak, having promised the Department of the Interior not to make any statements to the press prior to clearing them.[81]
The article noted that Banting had given the journalist C. R. Greenaway repeated instances of how the fox fur trade always favoured the company: "For over $100,000 of fox skins, he estimated that the Eskimos had not received $5,000 worth of goods."[81] He traced this treatment to health, consistent with reports made in previous years by RCMP officers, suggesting that "the result was a diet of 'flour,sea-biscuits, tea and tobacco,' with the skins that once were used for clothing traded merely for 'cheap whiteman's goods.'"[81]
The HBC fur trade commissioner called Banting's remarks "false and slanderous", and a month later, the governor and general manager met Banting at theKing Edward Hotel to demand a retraction.[79][81] Banting stated that the reporter had betrayed his confidence, but did not retract his statement and reaffirmed that HBC was responsible for the death of Indigenous residents by supplying the wrong kind of food and introducing diseases into the Arctic.[79] AsA. Y. Jackson, theGroup of Seven painter with whom Banting was travelling, noted in his memoir that since neither the governor nor the general manager had been to the Arctic, the meeting ended with them asking Banting's advice on what HBC ought to do: "He gave them some good advice and later he received a card at Christmas with the Governor's best wishes."[79]
Banting maintained this position in his report to the Department of the Interior:[81]
He noted that "infant mortality was high because of the undernourishment of the mother before birth"; that "white man's food leads to decay of native teeth"; that "tuberculosis has commenced. Saw several cases at Godhavn, Etah, Port Burwell, Arctic Bay"; that "an epidemic resembling influenza killed a considerable proportion of population at Port Burwell"; and that "the gravest danger faces the Eskimo in his transfer from a race-long hunter to a dependent trapper. White flour, sea-biscuits, tea and tobacco do not provide sufficient fuel to warm and nourish him". Furthermore, he discouraged the establishment of an Arctic hospital. The "proposed hospital at Pangnirtung would be a waste of money, as it could be reached by only a few natives". Banting's report contrasted starkly with the bland descriptions provided by the ship's physician, F. H. Stringer.
HBOG also expanded during the 1960s, as it began shipping Canadian crude through a new link to the Glacier pipeline and on to the refinery inBillings, Montana. The company became the sixth-largest Canadian oil producer in 1967.[82]
In 1970, on the company's 300th anniversary, as a result of punishing new British tax laws, the company relocated to Canada, and was rechartered as a Canadian business corporation under Canadian law,[83] Head Office functions were transferred from London to Winnipeg. By 1974, as the company expanded into eastern Canada, head office functions were moved to Toronto.
In 1972, the company acquired the four-storeShop-Rite chain ofcatalogue stores. The chain quickly expanded to 65 stores in Ontario, but closed in 1982 due to declining sales.[84] In these stores, little merchandise was displayed; customers made their selections from catalogues, and staff would retrieve the merchandise from storerooms. The HBC also acquiredFreimans department stores in Ottawa and converted them to The Bay.[85]
In 1973, HBOG acquired a 35 per cent stake in Siebens Oil and Gas, and, in 1979, it divested that interest. In 1980, it bought a controlling interest in Roxy Petroleum.
In 1978, theZellers discount store chain made a bid to acquire the HBC; however, the HBC turned the tables and acquired Zellers.[86]
In 1979, Canadian billionaireKenneth Thomson won control of the company in a battle withGeorge Weston Limited, and acquired a 75 per cent stake for $400 million.[87] Thomson sold the company's oil and gas business, financial services, distillery, and other interests for approximately $550 million, transforming the company into a leaner, more focused operation. In the 1980s, sales and oil prices slipped, while debt from acquisitions piled up which led to Hudson's Bay Company selling its 10.1 per cent stake in HBOG toDome Petroleum in 1981.[88] In 1997, the Thomson family sold the last of its remaining shares.[87]
Hudson's Bay Company reversed a formidable debt problem in 1987, by shedding non-strategic assets such as its wholesale division and getting completely out of the oil and gas business. HBC also sold its Canadian fur-auction business to Hudson's Bay Fur Sales Canada (nowNorth American Fur Auctions). The Northern Stores Division was sold that same year to a group of investors and employees, which adoptedThe North West Company name three years later.[89]
In 1991, the Bay agreed to stop retailingfur in response to complaints from people opposed to killing animals for this purpose.[90] In 1997, the Bay reopened its fur salons to meet consumer demand.[90]
In December 2003, Maple Leaf Heritage Investments, aNova Scotia-based company created to acquire shares of Hudson's Bay Company, announced that it was considering making an offer to acquire all or some of the common shares of Hudson's Bay Company.[91] Maple Leaf Heritage Investments is a subsidiary of B-Bay Inc. Its CEO and chairman is American businesswomanAnita Zucker, widow ofJerry Zucker. Zucker had previously been the head of the Polymer Group, which acquired another Canadian institution,Dominion Textile.
It had been a member of theInternational Association of Department Stores from 2001 to 2005.[92] On 26 January 2006, the HBC's board agreed to a bid from Jerry Zucker. The South Carolina billionaire financier was a longtime HBC minority shareholder. In a 9 March 2006 press release,[93] the HBC announced that Zucker would replaceYves Fortier as governor andGeorge Heller as CEO, becoming the first US citizen to lead the company. After Jerry Zucker's death, the board named his widow, Anita Zucker, as HBC Governor and HBC Deputy-Governor Rob Johnston as CEO.[91]
From 2004 to 2008, the HBC owned and operated a small chain of off-price stores calledDesigner Depot. The concept was similar to theWinners andHomeSense retail format, but Designer Depot did not meet sales expectations, and its nine stores were sold.[94]
On 16 July 2008, the company was sold toNRDC Equity Partners for just over $1.1 billion,[95] a private equity firm based inPurchase, New York, which already ownedLord & Taylor, the oldest department store in the United States.[96][97] The Canadian and US holdings were transferred to NRDC Equity Partners' holding company,Hudson's Bay Trading Company, as of late 2008.[98]
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Another HBC chain,Fields, was sold to a private firm in 2012.[100] Established in 1950, Fields was acquired byZellers in 1976. When Zellers was acquired by HBC in 1978, Fields became part of the HBC portfolio.[101]
In October 2012, the HBC announced a $1.6 billioninitial public offering (IPO); Baker planned to use the IPO to allow Canadian ownership to return to the company, and to help pay off debts with other partners.
In January 2016, HBC announced it would expand deeper into digital space with the acquisition of anonline flash sales site, theGilt Groupe, forUS$250,000,000.[102][103] HBC also announced its expansion into the Netherlands in May 2016 with the takeover of 20 formerVroom & Dreesmann (V&D) sites by 2017. V&D, a historic Dutch department store chain, had gonebankrupt and shut down in early 2016.[104] As of November 2017, the company also expanded retail operations into Europe, including five Saks Off Fifth stores in Germany.[105]
In early 2017, the Hudson's Bay Company made an overture toMacy's for a potential takeover of the US department store chain. Later, HBC also considered a purchase ofNeiman Marcus Group Inc. It did not proceed with either deal.[106]
On 1 April 2018, HBC disclosed that more than five million credit and debit cards used for in-store purchases had been recently breached by hackers. The compromised credit card transactions took place at Saks Fifth Avenue, Saks Off 5th, and Lord & Taylor stores. The hack had been discovered by Gemini Advisory, which called the breach "amongst the biggest and most damaging to ever hit retail companies".[107] A July 2019 hack ofCapital One, which provides HBC Mastercards, did not affect the HBC credit cards or card applications, according to HBC.[108]
In June 2019, a consortium including chairmanRichard Baker,Rhône Group,WeWork, Hanover Investments (Luxembourg) and Abrams Capital Management announced that it wanted to take the company private.[109] The group then owned just over 50 per cent of HBC shares. In mid-August, the consortium said that it owned 57 per cent of the HBC shares. By 19 August 2019, however, Canadian investment firmCatalyst Capital Group Inc. said it had acquired enough shares to block the plan. A US company, Land & Buildings Investment Management, the owner of over 6 per cent of the shares, had also criticized the Baker plan.[110][111][112] In March 2020, Baker and a group of shareholders were successful in taking the company private.[113]
HBC soldGaleria Kaufhof,Galeria Inno,Gilt Groupe, andLord & Taylor by August 2019. A feature article byBloomberg News mentioned that CEOHelena Foulkes, recruited in 2018, "had helped improve the bottom line at Hudson's Bay". She was selling assets "to put the company on more solid financial footing" and could then focus on Saks Fifth Avenue and the Bay. On the other hand, Bloomberg suggested that millennial shoppers prefer to make purchases online, or direct from various brands' own stores, and that HBC "has yet to offer something they can't find somewhere else and risks drifting into irrelevance".[114]
In February 2020, shareholders of the company voted in favour of a plan to become a private company at a special meeting of shareholders. Under the plan of arrangement, the company will be owned by a group of continuing shareholders led by HBC governor and executive chairman Richard Baker. Effective 3 March 2020, the company was delisted from theToronto Stock Exchange, withRichard A. Baker replacing Foulkes as CEO.[115][116]
On March 16, 2022, it was announced that HBC andSycamore Partners were preparing bids to buyKohl's.[117]
In 2023, Hudson's Bay officially stopped selling animal fur products.[118]
HBC filed for creditor protection in Canada under theCompanies' Creditors Arrangement Act on 7 March 2025,[119] after failing to secure financing and consistently delaying in paying suppliers.[120] The filing came during atrade war with the United States and an escalation of theretail apocalypse due to theCOVID-19 pandemic.[121] Chief financial officer Jennifer Bewley warned that if funding was not received within days, it would struggle with payroll obligations, lease defaults, and possible store closings.[122] HBC began liquidating 74 Hudson's Bay stores, two Saks Fifth Avenue stores, and all 13 Saks Off Fifth outlets later that month, resulting in 9,000 employee layoffs.[123] HBC intended for six Hudson's Bay stores in Ontario and Quebec to stay open.[122] However, on 23 April, the company announced the liquidation of all remaining stores after a court ruling determined that it was unlikely that they would be bought.[124][125] All remaining Hudson's Bay, Saks Fifth Avenue, and Saks Off Fifth stores were permanently closed by 1 June.[126]
In early May, the liquidator solicited bids for HBC's leases, intellectual property, and real estate.[127][128] By 3 June, HBC had completed its efforts to auction off its store leases. 62 leases had no bidder interest, and were returned to their landlords, and 12 properties were co-owned by RioCan, who decided to put them into receivership.[129] On 23 May, successful bids were made byRuby Liu Commercial Investment Corporation for 28 Hudson's Bay store leases.[130] Objections were made by landlords for 23 of the leases, citing an insufficient business plan, financing, or retail expertise.[131] On 23 June, the court approved the acquisition of 3 leases where Liu was the landlord.[132] By late July 2025, HBC reached a deal with YM Inc. to sell the leases to five stores in Ontario, Alberta, and Manitoba for $5.3 million.[133] On 31 July, a deal was reached with Ivanhoe Realties Inc. to sell the lease to a store in a mall owned byIvanhoe Cambridge.[134] On 24 October, theOntario Supreme Court sided with landlords for the 23 disputed store leases and rejected Liu's bid to acquire them.[135]
On 27 May, it was announced by the liquidator that HBC'sintellectual property rights had been purchased byCanadian Tire for $30 million. The property consisted of the Hudson's Bay name, trademarks, logos, coat of arms, and stripes pattern, as well as many slogans, including Zellers's catchphrase, "Lowest price is the law".[136] However, the Zellers brand itself was not acquired by Canadian Tire.[137][138] The purchase of intellectual property by Canadian Tire required that HBC be renamed during the final liquidation proceedings to avoid confusion with the trademark acquired.[139] By August 13, the company changed its name to 1242939 B.C. Unlimited Liability Co., which will be responsible for selling the former HBC's leases and auctioning its remaining art and artifacts.[9][140]
The Heffel Gallery was appointed to auction off 1,700 pieces of art and 2,700 artifacts including the 1670 royal charter.[141] In July 2025, theWeston family agreed to pay $12.5 million for the royal charter document in order to donate it to theCanadian Museum of History inGatineau, Quebec, pending court approval. Written on parchment and bearing the seal of King Charles II, the document had been displayed at HBC's head office in Toronto.[142]
On October 2025, Canadian Tire announced that they would be marketing Hudson's Bay Point Blankets at their stores.[143]
The first Hudson's Bay Company department store opened inWinnipeg,Manitoba in 1881. The chain was rebranded "the Bay" in 1965,[144] and "Hudson's Bay" in 2013.[145] It was the final HBC retail operation at the time of its liquidation in 2025.
HBC acquired theMorgan's department stores in 1960 and converted its Ontario stores to the Bay by 1968 and its Quebec stores to la Baie in 1973.[146] Before the conversions, HBC updated the Morgan's logo to match the Bay's visual identity in 1965.[147] HBC acquired theSimpsons department stores in Ontario and Quebec in 1978 and converted them to the Bay in 1991.[148] The related Simpsons-Sears department stores were not acquired by the Bay, and becameSears Canada in 1978.
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Zellers was founded in 1931 byWalter P. Zeller, and acquired by HBC in 1978. It expanded in part with the HBC acquisitions and conversions ofTowers Department Stores (1990) andKmart Canada (1998).[89]
In September 2011, the HBC announced that it would sell the majority of the Zellers leases for $1.825 billion to the US-based retailerTarget and shutter all of their remaining locations by early 2013.[149] Target used the acquisition of this real estate as a means to enable its entry in the Canadian market. HBC used some of the proceeds to pay down debt and to invest in growing its Hudson's Bay and Lord & Taylor banners. In January 2013, it was confirmed that three Zellers locations, re-purposed as discount department stores for The Bay and Home Outfitters, would remain open.[150][151][152][145] The Target Canada chain folded in 2015; the leases were subsequently returned to landlords or re-sold to other retailers.[153] Zellers was still owned by HBC as two remaining stores following the sale of its lease portfolio toTarget Canada in 2011.[150][154][155] Those stores closed in January 2020.
In August 2022, the Hudson's Bay Company announced it would be reviving the Zellers brand through online shopping and within Hudson's Bay physical locations in 2023.[156][157] It operated in astore-within-a-store format across Canada.
Home Outfitters originally launched in 1998 as Bed, Bath & More, before being revamped and relaunched under the new name in 1999.[158] The chain peaked at 69 locations in October 2014.[159] It soldbedding,towels,housewares, and other home accessories.[160] In July 2014, HBC announced that it would begin integrating Home Outfitters into itsHudson's Bay retail division (including increased availability of its product line through Hudson's Bay locations and its website), along with the closure of 2 stores.[161] In 2016, HBC rebranded three Home Outfitters locations in Winnipeg under the bannerHudson's Bay Home as a pilot.[162] The stores closed a few years later, along with Home Outfitters. In February 2019, HBC announced all 37 locations of Home Outfitters would be phased out.[163]
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On 24 January 2012, theFinancial Post reported that Richard Baker (owner of NDRC and governor of Hudson's Bay Company) had dissolvedHudson's Bay Trading Company and that the HBC would now also operate theLord & Taylor chain. At the time, the company was run by presidentBonnie Brooks.[164] Baker remained governor and CEO of the business, and Donald Watros stayed on as chief operating officer.[165]
In 2018, HBC in a joint venture sold the building that housed its flagshipLord & Taylor store on Fifth Avenue in Manhattan toWeWork Property Advisors for $850 million. WeWork was set to occupy the uppermost floors of the building, with the rest of the building remaining a flagship space for Lord & Taylor.[166][167] The deal also included the use of floors of certain HBC-owned department stores in New York, Toronto, Vancouver and Germany as WeWork's shared office workspaces.[105][168]
In August 2019, HBC announced that it would sell their Lord & Taylor business toLe Tote Inc., which was to payCA$99.5 million in cash when the deal closes (probably before year end 2019) and an additionalCA$33.2 million two years later. HBC was to get a 25 per cent equity stake in Le Tote.[169] The buyer would retain the stores' inventory, with an estimated value ofCA$284.2 million. The deal, expected to close before year end, required HBC to pay the stores' rent for at least three years, leading one news report to describe it as "Not a clean exit". The liability to HBC for the rents was estimated atCA$77 million cash per year.[170][171]
On 29 July 2013, Hudson's Bay Company announced that it would buySaks, Inc., operator of the AmericanSaks Fifth Avenue brand, forUS$2.9 billion, or $16 per share.[172][173] The merger was completed on 3 November 2013.[174] The company also stated that as a result of the purchase, Canadian consumers would see Saks stores arriving in their country soon.[175] After the purchase was finalized, HBC had a net loss of $124.2 million in the 2013 3Q due to the cost of the purchase and promotions.[176][177]
Saks Global purchased the AmericanNeiman Marcus Group (NMG).[178][179][180] The acquisition was finalized in December 2024 and the purchase cost $2.7 billion.[181] The acquisition brought together Bergdorf Goodman, Neiman Marcus, Saks Fifth Avenue and Saks Off 5th.[182] The purchase was supported with financing fromAmazon (who will work with the group to “to innovate on behalf of customers and brand partners”),[182]Authentic Brands Group,G-III Apparel Group andSalesforce.[69] There is also the possibility of store closures across Saks Fifth Avenue and Neiman Marcus.[69] In an interview with Vogue Business, Metrick (CEO of Saks Global Operating Group) said that this was only the beginning of the group's ambitions and that they were thinking of what the entity might look like internationally.[181] On 4 July 2024, Hudson's Bay Company announced it would acquireNeiman Marcus Group for $2.65 billion, concluding years of negotiations.[183]
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HBC had acquired the German department store chain Galeria Kaufhof and its Belgian subsidiary,Galeria Inno, fromMetro Group in September 2015 forUS$3.2 billion.[184][185]
On 1 November 2017, HBC received an unsolicited offer from Austrian firmSigna Holding for Kaufhof and other real estate.[167] An unnamed source toldCNBC that the value of the offer was approximately€3 billion.[186] This information on the offer was also reiterated in a press release by activist shareholder Land & Buildings Investment Management, which urged HBC to accept the offer; the company replied that the offer was incomplete and did not provide indication of financing for the deal.[187] In late 2018, Galeria Kaufhof andKarstadt merged as part of a spin off.[188]
HBC announced its intent to sell the last 49.99 per cent of Galeria Kaufhof and Galeria Inno shares it held to Austrian firmSigna Holding in June 2019. The sale of the real estate in Germany had gainedUS$1.5 billion (€1 billion) for HBC.[189] At that time, HBC still had a retail operation in the Netherlands, using the Vroom & Dreesmann locations it had purchased in 2017. On 31 August 2019, the company announced that all 15 of those stores would be sold by year end.[190][191]
| Name | Year founded | Year acquired | Year divested | Year defunct | Notes |
|---|---|---|---|---|---|
| Designer Depot | 2004 | — | 2008 | — | Sold to INC Group of Companies |
| Fields | 1950 | 1978 | 2012 | — | Sold to FHC Holdings |
| Freimans | 1918 | 1972 | — | 1973 | Converted to the Bay |
| Galeria Kaufhof | 1879 | 2015 | 2019 | 2019 | |
| Gilt Groupe | 2007 | 2016 | 2018 | — | Sold to Rue La La |
| Home Outfitters | 1999 | — | — | 2019 | |
| Hudson's Bay | 1881 | — | — | 2025 | Previously named and still colloquially "the Bay" |
| I. G. Baker Company | 1866 | 1891 | — | 1891 | |
| Kmart Canada | 1963 | 1998 | — | 1998 | Converted to Zellers |
| Lord & Taylor | 1826 | 2012 | 2019 | 2021 | Sold toLe Tote |
| Morgan's | 1845 | 1960 | — | 1973 | Converted to the Bay |
| Saks Fifth Avenue | 1867 | 2013 | 2024 | — | Spun-off into Saks Global |
| Saks Off 5th | 1990 | 2013 | 2024 | — | Spun-off into Saks Global |
| Shop-Rite | 1970 | 1972 | — | 1982 | |
| Simpsons | 1872 | 1978 | — | 1991 | Converted to the Bay |
| Towers Department Stores | 1960 | 1990 | — | 1991 | Converted to Zellers |
| Woodward's | 1892 | 1993 | — | 1993 | Converted to the Bay and Zellers |
| Zellers | 1931 | 1978 | — | 2013 | Store-within-a-store concept tested within Hudson's Bay from 2023 until 2025 |
Following the 2012 IPO, HBC had also introduced a new corporate logo of its own (reviving awordmark from the originalHBC flag), but the new logo was not intended to be a consumer-facing brand.[192][193][194]
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The HBC was the official outfitter of clothing for members of the Canadian Olympic team in 1936, 1960, 1964, 1968, 2006, 2008, 2010, 2012, 2014 and 2016. The sponsorship was renewed through 2020. Beginning in the late 2000s, HBC used its status as the official Canadian Olympics team outfitter to gain global exposure, as part of a turnaround plan that included shedding under-performing brands and luring new high-end brands.[195]
On 2 March 2005, the company was announced as the new clothing outfitter for the Canadian Olympic team, in a $100 million deal, providing apparel for the 2006, 2008, 2010, and 2012 games, having outbid the existing Canadian Olympic wear-supplier,Roots Canada, which had supplied Canada's Olympic teams from 1998 to 2004.[196][197] The Canadian Olympic collection was sold through Hudson's Bay (and Zellers until 2013 when the Zellers leases were sold toTarget Canada).
HBC's2006 Winter Olympics and2008 Summer Olympics uniforms and toques received a mixed reception for their multicoloured stripes (green, red, yellow, blue) which seemed to be not-so-subtle advertising for HBC rather than representing the Canadian Olympic team's traditional colours of red and white (with black as a secondary), in contrast to well-received Root's 1998 collection with its trendy redletter jackets and Poor Boy caps. HBC produced 80 per cent to 90 per cent of their Olympic clothes in China which was criticized, as Roots ensured that the Olympic clothes were made in Canada using Canadian material.[198]
HBC's apparel for the2010 Winter Olympics held in Vancouver proved to be extremely successful, in part because Canada was the host country and their athletes had a record medal haul. The red-and-white mittens featuring a large maple leaf that were sold for $10, with one-third of the proceeds going to theCanadian Olympic Committee, proved very popular, as were the "Canada" hoodies.[199]
The HBC's2010 Winter Olympics apparel was also controversial due to a knitted, machine-made sweater that looked like aCowichan sweater.[200] After a meeting between HBC representatives andCowichan Tribes, a compromise was made between the parties; knitters could sell their sweaters at the downtown Vancouver HBC store, alongside the HBC imitations.[201]
LordSebastian Coe, chairman of the2012 London Olympic Games Organizing Committee, who attended theVancouver Olympics, noted that Canadians were passionate in embracing the games with their "Canada" hoodies and their red mittens (of which 2.6 million pairs sold that year).[202][203] HBC has continued to produce these red mittens for subsequent Olympic Games.[204]
In 2021, it was announced that beginning with the2022 Winter Olympics,Lululemon would replace the HBC as Canada's Olympic outfitter.[205]
The HBC was involved in community and charity activities. The HBC Rewards Community Program raised funds for community causes. The HBC Foundation was a charity agency involved in social issues and service. The HBC used to sponsor the annual HBC Run for Canada, a series of public-participation runs and walks held across the country on Canada Day to raise funds for Canadian athletes. The company discontinued this event in 2009.[206]
In the 18th and 19th centuries, Hudson's Bay Company operated with a very rigid employee hierarchy. This hierarchy essentially broke down into two levels; the officers and the servants. The officers were the factors, masters and chief traders, clerks and surgeons. The servants were the tradesmen, boatmen, and labourers. The officers essentially ran the fur trading posts. They had many duties which included supervising the workers in their trade posts, valuing the furs, and keeping trade and post records. In 1821, when Hudson's Bay Company and the North West Company merged, the hierarchy became even stricter and the lines between officers and servants became virtually impossible to cross. Officers in charge of individual trading posts had much responsibility because they were directly in charge of enforcing the policies made by the governor and committee (the board) of the company. One of these policies was the price of particular furs and trade goods. These prices were called the Official and Comparative Standards. Made-Beaver, the quality measurement of the pelt, was the means of exchange used by Hudson's Bay Company to define the Official and Comparative Standards. Because the governor was stationed in London, England, they needed to have reliable officers managing the trade posts halfway around the world. Because the fur trade was a very dynamic market, HBC needed to have some form of flexibility when dealing with prices and traders. Price fluctuation was deferred to the officers in charge of the trade posts, and the head office recorded any difference between the company's standard and that set by the individual officers. Overplus, or any excess revenue gained by officers, was strictly documented to insure that it was not being pocketed and taken from the company. This strict yet flexible hierarchy exemplifies how Hudson's Bay Company was able to be so successful while still having its central management and trade posts located so far apart.[207][208]
| # | Job Title |
|---|---|
| OFFICERS | |
| 1 | Chief Factor |
| 2 | Second [Factor] |
| 3 | Master [of a trading station] |
| 4 | Sloopmaster Surgeon |
| 5 | Writer |
| 6 | Apprentice |
| SERVANTS | |
| 1 | Tradesman Steersman |
| 2 | Canoeman Bowsman |
| 3 | Middleman |
| 4 | Labourer |
| # | Job Title | Pay per year |
|---|---|---|
| COMMISSIONED OFFICERS | ||
| 1 | Governor of Rupert's Land | Performance Pay |
| 2 | Chief Factor | Two shares |
| 3 | Chief Trader | One share |
| GENTLEMEN | ||
| 4 | Clerk | £75–100 |
| 5 | Apprenticed Clerk | £25–27 |
| NON-GENTLEMEN | ||
| 6 | Postmaster | £40–75 |
| 7 | Guide Interpreter Sloopmaster | £30–45 |
| 8 | Apprentice postmaster | |
| SERVANTS | ||
| 9 | Tradesman Steersman Boatman Bowsman Middleman Labourer | £16–40 |
In the 19th century, career progression for officers, together referred to as the Commissioned Gentlemen, was to enter the company as a fur trader. Typically, they were men who had the capital to invest in starting up their trading. They sought to be promoted to the rank of Chief Trader. A Chief Trader would be in charge of an individual post and was entitled to one share of the company's profits. Chief Factors sat in council with the Governors and were the heads of districts. They were entitled to two shares of the company's profits or losses. The average income of a Chief Trader was £360 and that of a Chief Factor was £720.[210]
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As of January 2018[update], the members of the board of directors of Hudson's Bay Company are:[216]
Chronological list of governors of the Hudson's Bay Company:[217]
The legacy of the HBC has been maintained in part by the detailed record-keeping and archiving of material by the company. Before 1974, the records of the HBC were kept in the London office headquarters. The HBC opened an archives department to researchers in 1931. In 1974, Hudson's Bay Company Archives (HBCA) were transferred from London and placed on deposit with the Manitoba archives in Winnipeg. The company granted public access to the collection the following year.[247]
On 27 January 1994, the company's archives were formally donated to the Archives of Manitoba.[248]
At the time of the donation, the appraised value of the records was nearly $60 million. A foundation, Hudson's Bay Company History Foundation funded through the tax savings resulting from the donation, was established to support the operations of the HBC Archive as a division of the Archives of Manitoba, along with other activities and programs.[249] More than two kilometres (1.2 mi) of filed documents and hundreds of microfilm reels are now stored in a special climate-controlled vault in the Manitoba Archives Building.[citation needed]
In 2007, Hudson's Bay Company Archives became part of the United Nations "Memory of the World Programme" project, underUNESCO. The records covered the HBC history from the founding of the company in 1670. The records contained business transactions, medical records, personal journals of officials, inventories, company reports, etc.[250][251]
Under the charter establishing Hudson's Bay Company, the company was required to give twoelk skins and two blackbeaver pelts to the English king, thenCharles II, or his heirs, whenever the monarch visited Rupert's Land. The exact text from the 1670 Charter reads:
...Yielding and paying yearly to us and our heirs and successors for the same two Elks and two Black beavers whensoever and as often as We, our heirs and successors shall happen to enter into the said Countries, Territories and Regions hereby granted.[16]
The ceremony was first conducted with thePrince of Wales (the future Edward VIII) in 1927, then with KingGeorge VI in 1939, and last with his daughter, QueenElizabeth II in 1959 and 1970. On the last such visit, the pelts were given in the form of two live beavers, which the Queen donated to theWinnipeg Zoo inAssiniboine Park. However, when the company permanently moved its headquarters to Canada, the Charter was amended to remove the rent obligation. Each of the four "rent ceremonies" took place in or around Winnipeg.[252]
The HBC is the only European trading company to have survived. It outlived all its rivals.[270]
| Years | Company | Fate |
|---|---|---|
| 1551–1917 | Muscovy Company | Taken over bySoviet Russia and now operates as charity. |
| 1581–1825 | Levant Company | Dissolved |
| 1600–1874 | Honourable East India Company | Dissolved |
| 1602–1800 | Dutch East India Company | Went bankrupt and assets taken over by Dutch government |
| 1621–1791 | Dutch West India Company | Bought by the Dutch government |
| 1672–1752 | Royal African Company | Replaced by theAfrican Company of Merchants, which folded in 1821. |
| 1711–1850s | South Sea Company | Abolished by bankruptcy and theLouisiana Purchase |
| 1779–1821 | North West Company | Merged with the HBC |
| 1799–1867 | Russian-American Company | Folded with the sale ofRussian America to the US and commercial assets in North America sold to Hutchinson, Kohl & Company (now as theAlaska Commercial Company) |
| 1808–1842 | American Fur Company | Folded |
[...] the said Land be from henceforth reckoned and reputed as one of our Plantations or Colonies in America, called Rupert's Land.
Rupert's Land, an immense territory onRupert's River, south-west of Hudson's Bay, was discovered in 1668 by CaptainZacharias Gillam, and named after Prince Rupert, the first governor of the Hudson's Bay Company, constituted in 1670 by Charles II, who granted Rupert's Land to Prince Rupert and other noblemen.
Bewley said the company would be days away from failing to meet its payroll obligations, if it doesn't receive more funding. It has 9,364 employees, the court filing says.
Earlier this week, the Ontario Superior Court of Justice overseeing the liquidation of Hudson's Bay appointed a law firm to represent the company's active and retired non-unionized employees.
Hudson's Bay will return to court next Tuesday to seek court permission to extend creditor protection until 31 July to complete the liquidation and sale of its assets.
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