tansi ninôtemik,
Canada’s oldest company, Hudson’s Bay, is struggling financially and has filed for creditor protection.[1] While they are trying to find ways to restructure to continue operating, “a coalition of First Nations has offered to purchase the struggling Hudson’s Bay Company (HBC) with a deal reminiscent of the retailer’s own early transactions: a blanket and some tobacco.”[2] For those who have learned about the history of the HBC and their fur trading with Indigenous people, this is quite a “coming full circle” moment, as noted by historian Dr. Martha Maiingan.[3]
HBC was incorporated in 1670, when King Charles II granted the monopoly on the trade of furs with Indigenous people to the “Governor and Company of Adventurers of England trading into Hudson’s Bay.”[4] Since HBC had the monopoly on the fur trade, they exploited this advantage by overcharging Indigenous people for European goods and underpaying them for the value of fur.[5] HBC developed a currency called “Made Beaver” that they used for all traded goods.[6] Although fur was far more valuable, HBC would trade 1 gun for 10-12 pelts of Beaver.[7] A common story is of Indigenous people having to stack the fur to match the length of a gun for trade. While HBC continued to expand their trading network, they also promoted the displacement of Indigenous people with white settlement.[8] Not only did HBC displace, underpay, and overcharge Indigenous people; the European traders also caused huge death tolls due to bringing over infectious diseases such as smallpox, as noted in company reports.[9] The Indigenous people did not have any immunity to the diseases that were brought over by the European traders and it caused a loss of cultural knowledge, as many knowledge holders died.[10]
HBC has a long and awful history with Indigenous people. Often, we look at this history in contexts outside of business and corporate law. However, Jeffery Hewitt and Shanthi E. Senthe believes that all law courses, including business law courses, must improve their legal education to adapt to the Truth and Reconciliation Commission of Canada (TRC)’s Calls to Actions.[11] In their article, they discuss the history of HBC as an example to be used within business law courses.[12] The history of HBC, could be looked at for its “foundational contributions to corporate/commercial law in what is now Canada through its royal charter as authority for business operations, and securities law when it obtained its initial capitalization through the market.”[13] These legal professors show that reconciliation can be done in every area of law.
With this being said, from a legal and reconciliation perspective, what do you think of the coalition of First Nations offer to buy HBC? Should it be used as a discussion in business law classes? What are your thoughts?
ekosi.
The ReconciliACTION Team
Citations
[1] The Canadian Press, “Hudson’s Bay liquidation of all stores could start as soon as Tuesday” (17 March 2025) online: <cbc.ca> [perma.cc/73PH-E6PZ].
[2] Walking Eagle News, “First Nations offer to buy iconic Hudson’s Bay store chain for tobacco, blanket” (17 March 2025) online: <walkingeaglenews.com> [perma.cc/TAZ7-C8JS].
[3] Ibid.
[4] Wim Van Lent & Andrew D. Smith, “Using Versus Excusing: The Hudson’s Bay Company’s Long-Term Engagement with Its (Problematic) Past” (2020) 166:2 J Bus Ethics 215 at 221 [Problematic Past].
[5] Ibid.
[6] Internet Archive Wayback Machine, “Our History: Business: Fur Trade: The Standard of Trade” online (archive): <web.archive.org> [perma.cc/76FS-VQRH] [HBC Archive].
[7] Ibid.
[8] Problematic Past, supra note 4.
[9] Craig Baird, “The Indigenous and the Hudson’s Bay Company” (26 December 2020), online (podcast): <canadaehx.com> [perma.cc/9LKQ-PZAX].
[10] Ibid.
[11] Jeffery G Hewitt & Shanthi E Senthe, “Disrupting Business as Usual: Considering Teaching Methods in Business Law Classrooms” (2019) 42:2 Dalhousie LJ 261 at 263.
[12] Ibid.
[13] Ibid.
[IMAGE] HBC Archive, supra note 6.