The biggest story in retail this month is the closing of Canada’s oldest department store chain Hudsons Bay. The 355 year old company, which was granted a Royal Charter by King Charles II on May 2, 1670, closed its doors on June 1 releasing over 8,000 employees. The Bay operated 80 stores and 13 Saks across Canada. That charter, over 4,000 in company artifacts, leases and intellectual property were put up for bid when the company filed for creditor protection and began liquidation sales.

Canadian Tire Corporation was the successful bidder for HBCs intellectual property at a cost of over $30 million. It has acquired not just the name but also the logo with its distinctive stripes. They will be able to use the four stipes on merchandise including within their own portfolio at Marks Work Wearhouse, Sportchek and the famous GluksteinHome designer line that was part of the bid. Interestingly, the Zellers discount brand was excluded from this deal.

Canadian Tire also bid on a handful of leases but Ruby Liu Commercial investment Corp. will acquire a large share of 28 store leases (subject to landlord and court approval). Ruby Liu’s parent company Central Walk already owns a number of mall in BC including Mayfair Shopping Centre in Victoria, Tsawwassen Mills and Woodgrove Centre in Nanaimo. Ms. Liu has indicated she would like to launch a modern department store concept in Canada.

Remaining leases and the historical artifacts, including the original Royal Charter, may be put up for auction.