Hudson’s Bay is revisiting its original intention to auction off its founding charter, as new court documents reveal increased interest from multiple parties looking to purchase and subsequently donate the historic 1670 document.
The sale of the artifact to the Weston family, owners of Loblaw Cos. Ltd., had been under consideration by the Ontario Superior Court. Wittington Investments Ltd., the family’s holding company, had offered $12.5 million for the charter with plans to gift it to the Canadian Museum of History. However, the hearing was postponed following objections from DKRT Family Corp, a holding company linked to David Thomson, the chairman of Thomson Reuters. DKRT expressed willingness to spend a minimum of $15 million on the charter, intending to donate it to the Archives of Manitoba.
Hudson’s Bay has refrained from commenting on the decision to revert to the auction plan. While specifics on other interested parties remain undisclosed, the retailer is seeking court approval for an auction on October 15, with interested parties required to submit bids of no less than $15 million by October 3. Bidders must commit to permanently donating the charter to a Canadian public institution or museum for broader access by various organizations and Indigenous groups. DKRT has pledged to be the opening bidder with a minimum offer of $15 million.
Notably, the potential auction has sparked concerns among experts. Cody Groat, a history and Indigenous studies professor at Western University, expressed apprehension about the auction process potentially excluding Indigenous nations due to the high bids from prominent families.
The charter, issued by King Charles II over 355 years ago, granted Hudson’s Bay Company extensive land rights across Canada, shaping trade and Indigenous relations for decades. Following the closure of Hudson’s Bay stores and its filing for creditor protection, the charter was moved to a secure location pending its sale. Additionally, the retailer plans to sell approximately 1,700 pieces of art and over 2,700 artifacts.
While a date for the auction of these items is pending, a motion has been filed to separately sell the art collection through an online auction on November 12, followed by an in-person auction at Heffel’s Toronto site on November 19. The motion also addresses the exclusion of 24 artifacts believed to have Indigenous significance from the sale, ensuring their return or donation.
Furthermore, discussions are underway to find suitable homes for war memorials currently held by Hudson’s Bay. Efforts are being made to collaborate with Canadian institutions and veteran associations to ensure the appropriate display and preservation of these memorials.
In an ongoing process overseen by Alvarez & Marsal, the independent party monitoring Hudson’s Bay’s creditor protection case, considerations are being made to safeguard significant cultural and historical items while navigating the auction and donation processes.
