From the 17th-century fur trade that helped establish a country to the final prominent department store in Canada, The Hudson’s Bay Company has made an enduring impact. However, after 354 illustrious years, its legacy seems to be drawing to a close.

The country’s oldest business — which filed for creditor protection on March 7 owing to debts exceeding CAN$1 billion (USD$700 million) — has been granted court permission to shut down all but six out of its 80 stores.

The privately held American investment firm that purchased the company in 2008 plans to close down three Saks Fifth Avenue stores and thirteen Saks Off 5th outlets operated under a licensing deal.

All this occurs as Canada confronts potential annexation threats from its large southern counterpart, following President Donald Trump’s repeated statements suggesting that Canada isn’t truly an independent nation and ought to join the United States as its 51st state.

For Canadians grieving the loss of their cultural legacy, this represents a significant setback.

Andre Fortin, aged 90, mentioned that the store has played a significant role in his life in Montreal. He stated, “I frequently visited this place as it offered all the items we desired.”

“As part of our heritage,” he stated to AFP.

The main HBC department store located in downtown Toronto, along with five others in the Toronto and Montreal regions, has been exempted from the first round of closures. However, these stores might also face liquidation in the future, according to company lawyer Ashley Taylor at a recent hearing.

Last week, the court was informed about an impending large-scale job cut affecting over 9,000 positions, marking one of the country’s biggest layoffs.

Rupert’s Land

Established in 1670 by trappers who received a royal mandate from the British ruler King Charles II, this firm previously controlled extensive areas in Western and Northern Canada.

“It played an enormous role in shaping what we know as Canada today,” said Amelia Fay, curator of the HBC collection at the Manitoba Museum in Winnipeg, home to over 27,000 artifacts, during an interview with AFP.

She mentioned that the firm set up trading stations, which initiated a colonial process that helped shape Canada.

Many of these trading posts developed into Canadian cities, like Winnipeg, Edmonton, and Vancouver.

Nevertheless, the company is now regarded as a symbol of the colonization of indigenous peoples, leading to an assimilation policy that had disastrous effects on the First Nations.

In 1869, two years following Canada’s establishment, the Hudson’s Bay Company transferred its property rights — referred to as Rupert’s Land, encompassing portions of what are currently five provinces and two Arctic regions — to the emerging nation.

Fay stated that “the significant real estate deal was a crucial event in Canadian history.”

In the meantime, the business moved towards retail since furs ceased to be fashionable.

During the early 1900s, when Canada experienced significant growth due to an influx of new settlers, the Hudson’s Bay Company constructed extensive department stores in various urban centers throughout the nation.

“Fay noted that one of the key reasons for HBC’s success was their capability to adapt to global changes and alter their direction accordingly. However, it appears this is not true anymore,” he added.

Liquidation sales

Retail analysts point out that online shopping and shifting consumer behaviors were key factors contributing to the decline of the iconic department stores, which marks yet another series of closings across North America.

Retail analyst Bruce Winder stated that we are seeing the end of traditional department stores.

He mentioned that the retail industry has fragmented into specialized segments ranging from budget retailers such as Walmart to boutiques offering high-end and niche products.

In various formerly bustling shops throughout Canada this week, consumers sifted through goods searching for deals and collectibles like HBC wool blankets featuring colorful stripes that trace back to the 1700s. As Fay points out, these items have come to represent both the company and the nation.

“All of them have left,” sighed a disheartened shopper in Ottawa.

Sophia Cisneros, who is 22 years old, nostalgically reminisced about the times her mother would take her shopping at The Bay. She said, “Whatever we needed was available there: clothing, footwear, kitchen items, bed linens, and even furniture.”

“You could easily spend an entire day here. It was enjoyable,” said Michelle Boulanger, 72, from Montreal.

Their shutdown will create a significant void,” she remarked. “It’s heartbreaking.