Founded in 1670 and after 355 years of operationsthe Hudson Bay Company He presented the bankruptcy and his definitive disappearance approaches. He administered large territories of what is now Canada, but initiated an asset settlement process and is not expected to be sources of financing before the stipulated period.
The Hudson Bay company presented bankruptcy after 355 years
After more than three centuries marking milestones in trade, the Hudson Bay Company “Founded in 1670,” he is heading to his final disappearance.
The historic firm, which at some point managed to administer vast territories in what is today Canadahas initiated a liquidation process that could close the last chapter of one of the oldest corporations on the continent.
As recently determined a tribunalthe company has until the beginning of May to find a source of financing that avoids its total dissolution. Meanwhile, the sale of liquidation is already underway and, with only Six stores Even in operation, the panorama for this legend of retail trade is bleak.
Hudson’s company went from being an empire to retail operations
The Hudson Bay company was born in the context of European imperial expansion. It was promoted by two French explorers-Pierre-Esprit Radisson and Médard Des Groseilliers-who discovered the economic potential of skins trade in northern America. Not receiving support from the French crown, they took their project to England, where they had the support of Prince Rupert, cousin of King Carlos II.
Thus HBC was founded in 1670, with exclusive rights to exploit vast regions of the north of the continent. For more than 200 years, the company was not only a dominant economic actor, but also worked as an almost governmental entity, with effective control over territories that would later be part of Canada.
Hudson company: the beginning of the end
From the nineteenth century, the HBC position began to weaken. The appearance of competitors, such as Northwest Companyand the political decisions of the United Kingdom To consolidate the state domain over the Canadian territory, they forced the company to redefine its business model.
With the passage of time, he left the skins trade And it became a retail trade giant, with department stores that became a symbol of the Canadian middle class.
For a good part of the twentieth century, HBC It prospered thanks to the rise of consumption, expanding even to international markets. But the change in purchase habits caused by the growth of electronic commerce was a difficult blow to resist.
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