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Hudson's Bay Company
Compagnie de la Baie d'Hudson
النوعPrivate (formerly Public)
الصناعةRetail
تأسست2 May 1670; منذ 354 سنة (2 May 1670
London, England
المؤسسپيير-إسپري راديسون Edit this on Wikidata
المقر الرئيسي8925 Torbram Road
Brampton, Ontario, Canada
الأشخاص الرئيسيون
Richard Baker
(Governor, executive chairman and CEO)
الدخل قالب:CAD (2018)
Decrease قالب:CAD (2018)
المالكNRDC Equity Partners (48%)
الموظفون30,000 (2017)[1]
الأقسام
الموقع الإلكترونيwww.hbc.com Edit this at Wikidata
Heraldic achievement of Hudson's Bay Company:[2] Argent, a cross gules between four beavers passant proper. Crest: On a chapeau gules turned up ermine a fox sejant proper. Supporters: Two bucks proper. Latin Motto: لاتينية: pro pelle cutem, lit.'skin for leather'[3] apparently a play on Job, 2:4: Pellem pro pelle[4] "skin for skin".[5][6][7]

The Hudson's Bay Company (HBC; فرنسية: Compagnie de la Baie d'Hudson CBH) is a Canadian retail business group. A fur trading business for much of its existence, HBC now owns and operates retail stores in Canada and the United States. In 2006 HBC was sold for $1.1 billion to an American business man, Jerry Zucker, and as such is no longer a Canadian-owned company. The company sold most of its European operations by August 2019 and its remaining stores, in the Netherlands, were closed by the end of 2019. HBC owns the Saks Fifth Avenue and Saks Fifth Avenue Off 5th stores in the United States; most other American operations were sold by mid-2019 and the last remaining stores (Lord & Taylor chain) were sold prior to the end of 2019.

The company's namesake business division is Hudson's Bay, commonly referred to as The Bay (La Baie in French).[8]

After incorporation by English royal charter in 1670, the company functioned as the de facto government in parts of North America for nearly 200 years until the HBC sold the land it owned (the entire Hudson Bay drainage basin, known as Rupert's Land) to Canada in 1869 as part of the Deed of Surrender,[9][10] authorized by the Rupert's Land Act 1868. During its peak, the company controlled the fur trade throughout much of the English- and later British-controlled North America. By the mid-19th century, the company evolved into a mercantile business selling a wide variety of products from furs to fine homeware in a small number of sales shops (as opposed to trading posts) across Canada.[11][12] These shops were the first step towards the department stores the company owns today.[13]

In 2008, HBC was acquired by NRDC Equity Partners, which also owned the upmarket American department store Lord & Taylor.[14] From 2008 to 2012, the HBC was run through a holding company of NRDC, Hudson's Bay Trading Company, which was dissolved in early 2012.[15] HBC's head office is currently located in Brampton, Ontario.[16] Until March 2020 the company was listed on the Toronto Stock Exchange under the symbol "HBC.TO".

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History

17th century

The Company's flag from 1707 to 1801
The Company's flag from 1682 to 1707


21st century

The Hudson's Bay Company building in Montreal, originally the Morgan's flagship store


Lord & Taylor stores

On 24 January 2012, the Financial Post reported that Richard Baker (owner of NDRC and governor of Hudson's Bay Company) had dissolved Hudson's Bay Trading Company and that the HBC would now also operate the Lord & Taylor chain. At the time, the company was run by president Bonnie Brooks.[17] Baker remained governor and CEO of the business, and Donald Watros stayed on as chief operating officer.[15]

In 2018, HBC sold the building that housed its flagship Lord & Taylor store on Fifth Avenue in Manhattan to WeWork Property Advisors[18] after pressure from Land & Buildings Investment Management.[19] The deal also included the use of floors of certain HBC-owned department stores in New York, Toronto, Vancouver and Germany as WeWork's shared office workspaces.[20][21]

In August 2019, HBC announced that it would sell their Lord & Taylor business to Le Tote Inc., which was to pay قالب:CAD in cash when the deal closes (probably before year end 2019) and an additional قالب:CAD two years later. HBC was to get a 25 per cent equity stake in Le Tote.[22] The buyer would retain the stores' inventory, with an estimated value of قالب:CAD. The deal, expected to close before year end, required HBC to pay the stores' rent for at least three years, leading one news report to describe it as "Not a clean exit". The liability to HBC for the rents was estimated at قالب:CAD cash per year.[23][24]

2012 initial public offering

In October 2012, the HBC announced a $1.6 billion initial public offering (IPO); Baker planned to use the IPO to allow Canadian ownership to return to the company, and to help pay off debts with other partners. Additionally, the company also announced that it would re-brand The Bay department store chain as "Hudson's Bay".[25]

Hudson's Bay Queen Street store in downtown Toronto, the chain's flagship store


Purchase of Saks, Inc.

On 29 July 2013, Hudson's Bay Company announced that it would buy Saks, Inc., operator of the U.S. Saks Fifth Avenue brand, for US$2.9 billion, or $16 per share.[26][27] The merger was completed on 3 November 2013.[28] The company also stated that as a result of the purchase, Canadian consumers would see Saks stores arriving in their country soon.[29] After the purchase was finalized, HBC had a net loss of $124.2 million in the 2013 3Q due to the cost of the purchase and promotions.[30]

In late February 2019, HBC announced that it would close 20 of the 133 Saks stores and that all of the remaining locations would be "subject to review".[31]


Rivals

The HBC is the only European trading company to have survived and outlived all its rivals.[32]

Years Company Fate
1551–1917 Muscovy Company Taken over by the Soviet Union and now operates as charity.
1581–1825 Levant Company Dissolved
1600–1874 Honourable East India Company Dissolved
1602–1800 Dutch East India Company Went bankrupt and assets taken over by Dutch government
1621–1791 Dutch West India Company Bought by the Dutch government
1672–1752 Royal African Company Replaced by the African Company of Merchants, which folded in 1821.
1711–1850s South Sea Company Abolished by bankruptcy and the Louisiana Purchase
1779–1821 North West Company Merged with the HBC
1799–1867 Russian-American Company Folded with the sale of Russian America to the U.S. and commercial assets in North America sold to Hutchinson, Kohl & Company (now as the Alaska Commercial Company)
1808–1842 American Fur Company Folded

See also

References

  1. ^ http://www3.hbc.com/hbc/about-us/
  2. ^ "HBC Heritage — Coat of Arms". Hudson's Bay Company. Retrieved 3 مايو 2020.
  3. ^ Cassell's Latin Dictionary. The two different Latin words for skin or leather must be translated accordingly in English by the use of two different words of roughly the same meaning, denoting an exchange
  4. ^ Nova Vulgata Bibliorum Sacrorum Editio, Libreria Editrice Vaticana, 1986 (Latin Vulgate Bible)
  5. ^ As translated in the King James Bible
  6. ^ "What does your motto 'Pro Pelle Cutem' mean?". HBC Heritage FAQ. Hudson's Bay Company. Retrieved 5 أكتوبر 2015.
  7. ^ Rich, E. E. (أبريل 1961). "Manitoba Pageant: Pro Pelle Cutem, The Hudson's Bay Company Motto". Manitoba Pageant. 6 (3). Retrieved 5 أكتوبر 2015.
  8. ^ Shaw, Hollie (6 مارس 2013). "The Bay gets a new logo for first time in almost 50 years". Financial Post. Retrieved 20 أغسطس 2013.
  9. ^ "The Royal Charter of the Hudson's Bay Company". HBC Heritage. Archived from the original on 7 أكتوبر 2015. Retrieved 5 أكتوبر 2015.
  10. ^ خطأ استشهاد: وسم <ref> غير صحيح؛ لا نص تم توفيره للمراجع المسماة :0
  11. ^ "Our History: Overview". HBC Heritage. Archived from the original on 1 أكتوبر 2015. Retrieved 5 أكتوبر 2015.
  12. ^ خطأ استشهاد: وسم <ref> غير صحيح؛ لا نص تم توفيره للمراجع المسماة :1
  13. ^ خطأ استشهاد: وسم <ref> غير صحيح؛ لا نص تم توفيره للمراجع المسماة :2
  14. ^ خطأ استشهاد: وسم <ref> غير صحيح؛ لا نص تم توفيره للمراجع المسماة GT-DEX-2008-19
  15. ^ أ ب Shaw, Hollie (23 يناير 2012). "Hudson's Bay Co. completes purchase of Lord & Taylor: report". Financial Post.
  16. ^ "Contact Us". Hudson's Bay Company. Retrieved 14 أكتوبر 2017.
  17. ^ "America's Lord & Taylor gets some family help". The Globe and Mail.[dead link]
  18. ^ "HBC and WeWork Enter into Global, Multi-Faceted Strategic Relationship". businesswire.com. 24 أكتوبر 2017. Retrieved 10 يناير 2018.
  19. ^ Hodges, David (1 نوفمبر 2017). "HBC should accept unsolicited $4.5B offer for German real estate: investor". ctvnews.ca. Retrieved 10 يناير 2018.
  20. ^ خطأ استشهاد: وسم <ref> غير صحيح؛ لا نص تم توفيره للمراجع المسماة financialpost.com
  21. ^ "Hudson's Bay Company Responds to Land & Buildings Press Release". businesswire.com. 2 نوفمبر 2017. Retrieved 10 يناير 2018.
  22. ^ https://ca.reuters.com/article/businessNews/idCAKCN1VI1LV-OCABS, Hudson's Bay to sell Lord + Taylor for $100 million
  23. ^ https://www.businesswire.com/news/home/20190828005408/en/HBC-Le-Tote-Enter-Agreement-Acquisition-Lord, Sale concludes HBC’s review of strategic alternatives for Lord + Taylor business
  24. ^ https://business.financialpost.com/news/retail-marketing/not-a-clean-exit-hudsons-bay-sells-lord-taylor-for-133-million, Not a 'clean exit': Hudson's Bay sells historic Lord & Taylor for $133 million
  25. ^ Strauss, Marina (17 أكتوبر 2012). "HBC launches IPO as new rivals loom". The Globe and Mail. Toronto. Retrieved 24 أكتوبر 2012.
  26. ^ "Saks snapped up by Canada's Hudson's Bay in $2.9bn deal". BBC News. 29 يوليو 2013. Retrieved 29 يوليو 2013.
  27. ^ Evans, Pete (29 يوليو 2013). "Hudson's Bay to bring Saks to Canada in $2.9B takeover". CBC News. Retrieved 6 أكتوبر 2015.
  28. ^ "Hudson's Bay completes acquisition of Saks". Yahoo Finance. Associated Press. 4 نوفمبر 2013. Retrieved 5 أكتوبر 2015.
  29. ^ "Hudson's Bay to buy Saks, bring stores to Canada". Financial Post. Reuters. 29 يوليو 2013. Retrieved 7 أكتوبر 2015.
  30. ^ Moin, David (11 ديسمبر 2013). "HBC's Net loss Grows to $124.2M". Women's Wear Daily. Fairchild Publishing. Retrieved 11 ديسمبر 2013.
  31. ^ https://www.forbes.com/sites/warrenshoulberg/2019/02/22/hbc-closing-home-outfitters-20-saks-off-fifth-stores-as-its-teardown-continues/#45f1a68366c0, Hudson's Bay Company Teardown Continues With Closing of Home Outfitters, 20 Saks Off Fifth Stores
  32. ^ Horner, Russ (23 يونيو 2016). "HBC: Supply Chain Department at N.A.'s Oldest Firm is a Modern Day Leader". Social Media for Business Performance. University of Waterloo Centre for Extended Learning.

Bibliography


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Further reading


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External links

قالب:EB9 Poster

قالب:Hudson's Bay Trading Company, L.P.