A surprise late-night offer for the 355-year-old Hudson’s Bay royal charter has disrupted the retailer’s plans to auction off one of the most consequential documents in Canadian history. The new, unsolicited bid, delivered just hours before a scheduled court hearing, prompted the Ontario Superior Court of Justice to adjourn proceedings until October 9, stalling a process already mired in debate.
The charter, issued in 1670 by King Charles II of England, granted the Hudson’s Bay Company vast control over land and trade in what would become Canada. It is now at the centre of a struggle involving creditors, wealthy families, cultural institutions, and Indigenous leaders, all vying over who will determine its future.
The Hudson’s Bay royal charter is more than a five-page parchment marked with a wax seal. For centuries, it shaped the geography, commerce, and relationships between settlers and Indigenous peoples across the continent. By granting the Hudson’s Bay Company a fur trade monopoly and sweeping territorial rights, it set the stage for Canada’s expansion while embedding conflicts that echo to this day.
The document was stored for years at the retailer’s Toronto headquarters. But when Hudson’s Bay filed for creditor protection in March under the weight of $1 billion in debt, it was placed in temporary storage. With the company shuttering all of its department stores in June, the charter’s ownership became a pressing question.
Courtroom Uncertainty
At Monday’s hearing, Bay lawyer Ashley Taylor said the company sought an adjournment because of uncertainty surrounding the unexpected late-night bid. She noted that the retailer needed time to evaluate how best to proceed. Presiding judge Peter Osborne agreed, stressing that the process required careful oversight given the charter’s significance and that it was more important to handle the matter properly than to move quickly. The decision delays an auction that had been scheduled for October 15 with a minimum bid set at $15 million.
Interest in the Hudson’s Bay royal charter is not merely about money. Over the summer, the Weston family, best known for its control of Loblaw Companies Ltd. and Holt Renfrew, proposed a $12.5 million purchase through its investment arm, Wittington Investments Ltd. The family pledged to donate the charter to the Canadian Museum of History and provide $1 million to support its preservation and consultation with Indigenous groups.
That proposal appeared to be gaining momentum until August, when another bidder emerged: DKRT Family Corp., controlled by David Thomson, chairman of Thomson Reuters and one of Canada’s wealthiest individuals. DKRT pledged to bid at least $15 million and to donate the charter to the Archives of Manitoba, which already houses much of the Hudson’s Bay Company’s historical collection. The bid also included $2 million for preservation and institutional sharing.
Now, with a mysterious new bidder surfacing at the eleventh hour, the contest has become even more complicated.
The Auction Debate
From the start, the idea of auctioning the Hudson’s Bay royal charter has been controversial. Critics, including historians, archivists, and Indigenous leaders, argue that selling such a document risks undermining its cultural significance. There is particular concern that, despite conditions requiring the document be placed in a public institution, the process commodifies a national treasure.
When Hudson’s Bay first floated the plan through Heffel Gallery, objections poured in. An auction, critics argued, could create uncertainty over the charter’s eventual stewardship, even if restrictions were in place. Direct negotiations, such as the Weston family’s bid, seemed to offer greater assurances.
The involvement of Thomson’s DKRT Family Corp., followed by the appearance of an unidentified bidder, ultimately steered the company back toward the auction process. Justice Osborne emphasized that, despite differences over how to proceed, all parties acknowledged the charter’s national importance and its relevance to Canadians, which highlighted the competing perspectives on how best to protect it.
Financial Collapse and Asset Sales
The charter’s uncertain fate is tied directly to Hudson’s Bay’s financial unraveling. Once considered Canada’s oldest and most enduring retailer, the company collapsed earlier this year under more than $1 billion in debt. Court filings under the Companies’ Creditors Arrangement Act detail efforts to liquidate assets, from store leases to heritage artifacts, in order to satisfy creditors.
The charter, given its historic value, became both a bargaining chip and a flashpoint. Reflect Advisors, the firm overseeing the sale, stipulated that any buyer must arrange for the document to be permanently housed in a Canadian public institution, with a formal letter of acceptance required. Institutions would also need to commit to sharing access with Indigenous communities and similar organizations.
Despite these conditions, the process has left many unsettled. Matthew Lerner, representing some of the company’s senior lenders, told the court Monday that the last-minute bid raised significant concerns about the circumstances.
Broader Cultural Implications
The Hudson’s Bay royal charter is both an artifact of commerce and colonial power. Its language granted sweeping authority over lands already inhabited, embedding inequities that Indigenous leaders continue to highlight today. That reality has added urgency to discussions about how and where the document should be displayed.
Wittington Investments promised consultations with Indigenous groups to determine how the charter would be presented if it were donated to the Canadian Museum of History. DKRT Family Corp. included similar commitments in its pledge to the Archives of Manitoba. Whether the anonymous bidder will follow suit remains unclear.
The next court hearing, set for October 9, will determine whether Hudson’s Bay proceeds with its planned auction or entertains alternative proposals. With multiple deep-pocketed families now expressing interest, the bidding could exceed the $15 million floor, raising both the stakes and the scrutiny.
