Hudson's Bay Company sold to U.S. Buyer!

Well folks, they've gone and done it. A vital piece of our Canadian history and Heritage have been sold to a U.S. business person ... The Hudson's Bay Company is no longer Canadian

I wonder what my ancestors would think to know this? Many were Hudson's Bay company contract workers who came here and settled here ... all up my Granny and Grandpa's side ... HBC is part of my personal family history and heritage ...

I feel really sad about this ...

The Bay downtown has been sold to an American businessman, Jerry Zucker.

He takes over the whole chain of more than 500 outlets across Canada, including three Bay stores in Winnipeg, also Home Outfitters and Zellers.

The Bay downtown was built in the 1920s.

Business reporter Kathleen Martens has the full story in tomorrow's Winnipeg Sun.

Hudson's Bay endorses bid from Zucker

1 hour, 35 minutes ago

Hudson's Bay Co. said on Thursday its board had unanimously endorsed a new offer from U.S. financier Jerry Zucker's Maple Leaf Heritage Investments to acquire the historic Canadian retailer.

Hudson's Bay, Canada's oldest corporation, said conditions had been significantly reduced in Maple Leaf's new all-cash offer of C$15.25 per share, which values the deal C$1.05 billion ($913 million), excluding a cash offer for the firm's 7.5 percent convertible debentures.

That's up from Zucker's earlier offer of C$14.75 per share.

Shares of Hudson's Bay, which were halted before the announcement, shot up C$1.12, or 8 percent to C$15.05 when trading resumed on the Toronto Stock Exchange on Wednesday.

"We are satisfied that the amended offer constitutes full and fair value for the company," Yves Fortier, governor of the 336-year old retailer, said in a statement.

The deal comes days after Hudson's Bay said it was still mulling several offers for the company, as it fought to stave off Zucker's hostile bid, which the retailer had said was too conditional.

Two informal takeover proposals were considerably lower that Zucker's original C$1.1 billion ($956.5 million) offer, the Globe and Mail newspaper reported on Thursday.

The retailer, which operates 550 stores across the country under the Bay, Zellers, and Home Outfitters banners, has been hit by declining sales and three consecutive quarters of losses.

Zucker's offer comes about two years after Maple Leaf Heritage first expressed interest in the retailer.

($1=$1.15 Canadian)

Karmen

[Mark W. Tonner]

Originally posted by Vets Dottir
Well folks, they've gone and done it. A vital piece of our Canadian history and Heritage have been sold to a U.S. business person ... The Hudson's Bay Company is no longer Canadian

... and this surprises you .......

Originally posted by Mark W. Tonner
... and this surprises you .......

Not really ... I just feel sad that it's not Canadian owned anymore. It feels sorta like when an outsider comes in and buys up the old homestead and land thats been in a family for generations. A sad loss. At least that's how I experience it.

That's progress though ... out with the old, and in with the new, like it or lump it. Fall in.

[Alex Blair (RIP)]

Jerry knows a good thing when he see's it!

This statement says it all..

The retailer, which operates 550 stores across the country under the Bay, Zellers, and Home Outfitters banners, has been hit by declining sales and three consecutive quarters of losses.
.

DO we Canadians shop at the Bay...????
It appears not...
So if we don't "Buy Canadian" some sharpie carpet bagger will....

HB's land is worth more than he payed for the whole company..

So Ma..Shopping at Walmart is what Canadians want..
Apparently...
Sad what...
I hope Jerry likes snow....
http://www.funnyclicks.com/pictures21/3187.jpg

Originally posted by Alex Blair


HB's land is worth more than he payed for the whole company..

So Ma..Shopping at Walmart is what Canadians want..
Apparently...
Sad what...

I say shopping at Walmart and discount stores is what Canadian's need budget/money wise.

Sad day when the kids can't afford or won't support the family home business ... but understandable when cost of living exceeds the prices of what the family biz sells.

Dammit.

[dougiebarder]

Welcome to the club, Our most famous store is owned by an Egyptian grocer.

Originally posted by dougiebarder
Welcome to the club, Our most famous store is owned by an Egyptian grocer.

And, might have even become a titled, minor royalty but for a sad accident.

However almost all the UK rail freight is moved by a Canadian import:

Class 66.

"GM built all 250 of the locomotives at their works at Ontario, in south east Canada. To start with, just 66001 and 66002 were built, the frames being laid on 18th May 1997. On 23rd March 1998 number 66001 was officially handed over to the EWS Chairman at Ontario. It was then taken to Albany, New Jersey where, on 31st March 1998, it was loaded on board a ship for its voyage to Immingham. Upon arrival there it was towed by 56018 to the nearby TMD for inspection, with a ceremonial unveiling to the press on 20th April 1998. That night it moved to Toton TMD (hauled by 60016) for further inspection and staff training. Four days later it was displayed in Chester, then being taken on 27th April 1998 to the Railway Technical Centre at Derby for two weeks of tests. It was then sent back to Toton TMD and, on 21 May 1998, it made its first journey on Railtrack under its own power, undertaking brake tests between Toton and Chesterfield. It hauled its first train on 27th May 1998."

R.

[Richard Farrant]

Originally posted by FV623


However almost all the UK rail freight is moved by a Canadian import:

Add to that, the local ambulances here, are built in Australia on a Mercedes chassis. Seems like that is a very economic way of doing things

Richard

Originally posted by Richard Farrant
Add to that, the local ambulances here, are built in Australia on a Mercedes chassis. Seems like that is a very economic way of doing things

Richard

Well, I guess with 2.03340 CAD to the Pound and 2.35307 Oz dollars similarly, then these imports are keenly priced. Bit like the Vauxhall (Holden) Monaro, you can't beat it for grunt to the Pound. I have one here.

Problem is, its all of 3" long.

R.

[sapper740]

Originally posted by Vets Dottir
Well folks, they've gone and done it. A vital piece of our Canadian history and Heritage have been sold to a U.S. business person ... The Hudson's Bay Company is no longer Canadian

I wonder what my ancestors would think to know this? Many were Hudson's Bay company contract workers who came here and settled here ... all up my Granny and Grandpa's side ... HBC is part of my personal family history and heritage ...

I feel really sad about this ...





Karmen

Canadian history and culture...for sale to the highest bidder! HBC was formed in 1670 and every Canadian knows how the fur trade and the Hudson's Bay Co. opened Canada up. HBC forts across Canada, from the Atlantic to the Pacific, provided security and support for settlers to stay and set down roots and begin the process of nation building. Fort Langley in B.C. was once the provincial capitol and has been restored and is now part of the National Parks system.
What's next on the auction block? The CBC? Hmmm, that may not be a bad thing!


CHIMO!