Goodbye to North America’s oldest company: 355-year-old legendary business permanently closes 80 department stores

It’s rare to see a company founded in the 17th century still operating today, but that is the case for the renowned Hudson’s Bay Company. Once a dominant force that governed what is now Canada for over 200 years, and one of the most legendary businesses in North America, it found itself on the brink of bankruptcy and is closing its 80 department stores throughout Canada.

Origins of the Hudson Bay Company

While countries like Spain, France, and Portugal created “state-companies” focused on conquering land and establishing trade, it was the British and Dutch East India Companies that became known for ruling entire territories independently.

Around 1650, two French explorers—Pierre-Esprit Radisson and Médard des Groseilliers—launched an expedition to Hudson Bay, believing it to be rich in high-quality furs.Their mission was a success—they returned to Montreal with premium furs—but the French monarchy denied them royal authorization, which was crucial to securing funding. Left without support, they turned to London, where Prince Rupert, cousin of King Charles II, provided them with ships and a crew. One ship reached Hudson Bay, in what is now Quebec, where they built a fort and established a company to manage the lucrative fur trade.

From trade empire to shopping malls

Over time, HBC gained a monopoly over the fur trade. But in 1779, the North West Company was founded as a direct competitor. A turning point came in 1849, when a court ruled against a merchant for violating HBC’s trade monopoly—but imposed no penalties, effectively ending HBC’s exclusive control. Competition increased, and the British Government reclaimed sovereignty over the territories HBC controlled to consolidate what would become Canada. The UK paid the company £300,000, and as outside interests grew, HBC shifted to retail investment, opening department stores, supermarkets, and shopping centers—a booming sector at the time, fueled by growing middle-class wealth.

The rise of e-commerce

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Everything changed in the last decade with the explosion of e-commerce. The rise of online shopping dramatically reduced in-store sales. HBC was eventually bought by a U.S. private equity firm, and over the years, its stores across Europe and the U.S. gradually shut down. Following the COVID-19 pandemic, only six locations remained.

Canadian Tire saves the brand, not the stores

But, when news got out that the company might be shut down for good, Canadian Tire swooped in and saved the brand. The department store chain has agreed to pay $21.5 million for the intellectual property, betting on a possible resurgence of the company and national pride, which is running high these days in Canada. The departments stores will be shuttered, but some items will continue to be sold under the brand’s original name.