Two prominent Canadian families have successfully completed the acquisition process for the historic royal charter that established the Hudson’s Bay Co.
After receiving approval from Ontario Superior Court Judge Peter Osborne, the now-defunct retailer was authorized to sell the 355-year-old document to entities owned by the Thomson and Weston families for $18 million.
The Thomson and Weston families intend to donate the significant charter to the Archives of Manitoba, the Manitoba Museum, the Canadian Museum of History in Gatineau, Que., and the Royal Ontario Museum.
These institutions have all agreed to accept the royal charter, issued by King Charles II on May 2, 1670, which played a crucial role in granting HBC control over a substantial portion of modern-day Canada during the country’s early colonial period.
The auction of the charter was initiated due to Hudson’s Bay Company’s filing for creditor protection earlier in the year, leading to the closure of all its retail outlets and the sale of its extensive collection of 4,400 artworks and artifacts to settle outstanding debts.
Osborne extended HBC’s creditor protection period until March 31, following the court’s approval of the sale to the Thomson and Weston families, who emerged as the sole bidders in the auction.
The saga surrounding the charter’s sale concluded with the court’s endorsement of the joint purchase by the two wealthy families, who have expressed their commitment to keeping the charter in Canada and ensuring public access to it.
The charter is set to undergo evaluation by the Canadian Conservation Institute to assess its condition before being exhibited. The Thomsons and Westons plan to engage in consultations with various stakeholders to determine the charter’s display arrangements, including potential national tours and digital showcases.
Furthermore, the families have pledged $5 million towards the charter’s preservation and public dissemination, with additional support promised by the Desmarais family, Power Corp. of Canada, and the Hennick Family Foundation.