The bankruptcy of the Hudson’s Bay Company (HBC) is often framed as the fall of “Canada’s oldest company.” Media narratives typically treat HBC as if it were a straightforward retail firm, albeit one with an exceptionally long history.
But HBC was always more than a hinterland mercantile fur trader in earlier centuries, just as it was more than a department store anchoring downtown shopping in the 20th century.
Like the beaver it nearly wiped out, HBC made Canada into its home by fundamentally transforming its environment, and no bankruptcy court will liquidate that legacy. Still, that legacy is more complex than many might assume.
