[Closed Hudson’s Bay store. Photo Credit to Eunseo Kim]

Hudson’s Bay Company (HBC), also known as The Bay, has officially announced the closure of all 96 stores across Canada on June 1, 2025.

Being founded in 1670, Hudson's Bay was known as the oldest company in Canada, and a cornerstone of many Canadians’ childhoods.

The news marks the end of a significant era, as Hudson’s Bay was not only the oldest company in Canada, but also one of the most historically influential institutions in Canada's development.

Starting as a fur trading company, HBC heavily influenced the Canadian economy. 

For generations, The Bay stood as a symbol of heritage, tradition, and national identity. 

However, the last Hudson's Bay store has officially shut its doors.

The closure of Canada's oldest company came as a shock to many, but there were several underlying factors that contributed to the centuries-old company's downfall.

Much of the decline began after businessman Richard Baker acquired Hudson’s Bay Company in 2008. 

Under Baker’s leadership, the company pursued an aggressive global expansion strategy, acquiring international luxury retail brands across the United States and Europe.

By 2016, Hudson's Bay held the title of a global luxury retailer, but the title did not last long and began to crumble.

The new stores and companies acquired became unsustainable in the long term, with many of the ventures ending in financial failure, leaving the company burdened with heavy debt, underperforming assets, and operational challenges.

At the same time, The Bay began to fall behind competitors in adapting to new technological advancements.

With changing generations, consumer preferences shifted to online shopping, and expectations for smooth online experiences grew, but Hudson's Bay Company failed to modernize quickly enough.

Many customers criticized the company’s outdated website's user interface, slow delivery times, and poor online experiences, especially in comparison to newer and more modern competitors.

By the time liquidation began on June 1st, the public reaction was largely mixed.

Many Canadians expressed nostalgia, having grown up with The Bay as a part of their daily lives in their childhood, mourning the loss of a Canadian icon.

Yet others voiced disappointment, citing the poor store maintenance, broken elevators and escalators, and a lack of focus on customer service in comparison to other high-end brands.

Some shoppers were also upset with the low liquidation discount prices, expecting higher price cuts as the company cleared inventory.

Of the approximately 9,300 employees working for Hudson’s Bay across the country, approximately 8,300 were laid off. 

The remaining staff were tasked with assisting in the shutdown process.

However, by June 15th, only 118 dedicated employees remained with the company.

In a surprising turn, Canadian Tire Corporation acquired the intellectual property of Hudson’s Bay—including the name, logo, trademarks, the signature striped branding, and the coat of arms—for just $30 million.

Many people called the price a bargain, saying the price was "incredibly cheap,” noting that in the normal market, the legacy of a 355-year-old national brand would be valued far higher.

As Hudson’s Bay’s physical presence disappears, many eyes now turn to Canadian Tire, wondering whether they will continue the legacy of Canada's oldest company, or repurpose it in new ways.