Hudson’s Bay wants to hold auction for its art and ‘historical’ artifacts
Hudson’s Bay Company has sought court approval to conduct a dedicated auction for some of its most valuable art assets.
The bankrupt department store retailer, which is North America’s oldest company, said it wants to conduct an “art auction” for the sale of its most “historically” significant art and artifacts. The items include the company’s Royal Charter, which launched Hudson’s Bay as a fur trading company some 355 years ago.
Signed by King Charles II in 1670, the document established Hudson’s Bay. It also gave the company extraordinary power over trade and Indigenous relations for decades to come, reported The Canadian Press.
Hudson’s Bay said the company and its financial advisor, Reflect Advisors, are looking for court approval to hold the auction apart from from the broader Sale and Investment Solicitation Process in light of the “extraordinary cultural and historical value” of the items, which are “deeply intertwined with Canadian history."
“This approach ensures that the care, consideration, and expertise required for these pieces can be fully prioritized through a separate process facilitated by a fine art auction house with the assistance of HBC and Reflect Advisors,” the retailer stated.
Hudson’s Bay filed for creditor protection under Canada’s Companies’ Creditors Arrangement Act in March, citing, among other things, trade tensions between Canada and the United States and a drop in downtown traffic. It has been holding liquidation sales at the majority of its stores.
Six stores were excluded the initial list as it continues to hold out hope for a last-minute buyer. According to a recent report by The Globe & Mail, at least four potential bidders have indicated their interest in acquiring part of the business or its assets. The company will apply for court approval to enter into agreements with any chosen investors or buyers no later than May 30.
Hudson’s Bay Co. operates 80 stores under the Hudson’s Bay banner as well as a e-commerce site. Through a licensing agreement, it also operates three Saks Fifth Avenue and 13 Saks Off 5th stores in Canada.
