Bright Sun Films 'Bankrupt - Hudson's Bay Company,' a tale of the Retail Apocalypse for Department Store Day

Today is Department Store Day, so it's a good opportunity for a tale of the Retail Apocalypse.* Watch Jake Williams of Bright Sun Films' Bankrupt - Hudson's Bay Company.

Before Canada was even a country, some might say it was a company. That company was the iconic, Hudson's Bay Company, a brand which started as a fur trading post in 1670, then to a big box, department store retailer by the 20th century. But after 3 and a half centuries in business, the cornerstone brand has met it's end. Join me in this special episode of Bankrupt to find out how such a notable and beloved retailer ultimately filed for bankruptcy.

I have fond memories of shopping at The Bay, first when my family went to Canada on vacation during the early 1970s and then with my ex-girlfriend and her kids, who was living in Canada while I was dating her. In fact, my family was in Canada for the Hudson Bay Company's 300th birthday and ten-year-old me was impressed that any institution in North America was that old. News of Hudson's Bay going out of business after 355 years saddened me, almost as much as it did Jake. Of course, private equity played a big part in the demise of the company. If anything could kill something this venerable, private equity could. Combined with aggressive over-expansion, selling off a key asset (Zeller's, which is a story of its own), the COVID-19 pandemic, competition from Walmart and Amazon, and changing consumer habits, and the result was deadly.

The CBC had their own post-mortem when it asked Who killed Hudson's Bay?

After more than 350 years in business, Canada's oldest company is teetering on the brink of collapse — but who’s to blame? CBC’s Eli Glasner puts three key suspects under the department store interrogation light.

CBC didn't actually assign blame, but I'll agree with Jake; the owners, responding to incentives that are indifferent to the success of the business, just like they were indifferent to the cultural and historical significance of the company, were most at fault. I wish I were surprised; I've seen this before, beginning with KB Toys and Toys R Us. Ugh.

*It's also National Sports Day. I plan on celebrating that late with the Emmy Awards for Welcome to Wrexham on Saturday following a late celebration of National Fossil Day on Friday. Stay tuned.