Hudson Bay Company Sold out and Broke

4

March 8, 2006 by Joseph Krohn

Hudson’s Bay Company was incorporated in 1670 – Following the successful expedition of the Nonsuch, King Charles II of England signed the charter granting the “Company of Adventurers” (Hudson’s Bay Company) exclusive trading rights to almost 40 per cent of the lands in Canada, plus parts of the United States.

Now HBC has been bought out by an American company called Maple Leaf Heritage Investment Acquisition Corp., owned by Jerry Zucker. He won the battle for the bay after paying $15.25 a share, or just over $1 billion dollars Canadian.

The humerous thing about this take over is that now the HBC is reporting $175 million dollar loss! Should an American own Canada’s oldest independent corporation? I wonder what Prince Rupert would have thought about his company leaving his family line after so many years of unbroken control by the Kenneth Tompson family?

Long live the HBC and long live the beaver!

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4 thoughts on “Hudson Bay Company Sold out and Broke

  1. Jonathan says:

    the new owner has been a shareholder since 1999. The 17 th richest person in the world the Kenneth Thompson family sold all HBC shares in 2000. Maple Leaf investments will probably liquidate the Bay, Home Outfitters, and the northern stores as well as the remaining HBC credit card interest. This will leave Zellers which has consitently made the only profits with in the consolidated financial statements in the HBC annual report. His push to take the company private should enable Zellers to conceive a new and improved marketing campagn allowing the results in monetary units to be kept secreat as it will be a private entity and will not have to report earnings so their competition will know how well their doing.

  2. Reverend Zach Steinbrook says:

    …what the American thinks…

    Would this rich American be using the mask of the Canadian Market to do illegal activites? America is really cracking down on people who abuse funds.

  3. Ribeiro says:

    You tell em. Those Americans think they can do anything. Why, when was the last time they beat us in curling?!

  4. Reverend Zach Steinbrook says:

    We “think” we can do anything? Why, with countries like Canada to mask our deeds…we can do anything!!!

    We are all-powerfull…and stuff.

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