Toronto/CMEDIA: Hudson’s Bay reportedly formed by The royal charter about 355 years ago could soon be getting a new home.
Signed by King Charles II in 1670, the charter gave the Bay rights to a vast swath of land spanning most of Canada and extraordinary power over trade and Indigenous relations for decades more.
Wittington Investments Ltd., a private Canadian holding company for the Weston family, wants to buy the document for $12.5 million and donate it to the Quebec institution. the Canadian Museum of History announced Wednesday.
The acquisition still needs court approval, says the museum but if that is obtained, the Westons will donate the document immediately and permanently.
“At a time when Canada is navigating profound challenges and seeking renewed unity, it is more important than ever that we hold fast to the symbols and stories that define us as a nation,” said Galen Weston in a statement.
“The Royal Charter is an important artifact within Canada’s complex history. Our goal is to ensure it is preserved with care, shared with integrity, and made accessible to all Canadians, especially those whose histories are deeply intertwined with its legacy.”
A fortune was made by his family through Canadian retail chains including Holt Renfrew, as well as several European department stores.
The family has offered $1 million in additional funding, as part of its proposed purchase of the charter.
The museum reportedly will support “a meaningful consultation process” with Indigenous Peoples on how the Royal Charter “can be shared, interpreted and contextualized in a manner that respects Indigenous perspectives and historical experiences.”
The funding will facilitate the museum sharing the charter with other museums and through public exhibitions.
Caroline Dromaguet, the museum’s president and CEO, said the donation is of “enormous importance to Canada” and “will serve as a catalyst for national dialogue, education and reconciliation for generations to come.”
Following Bay’s filing for creditor protection in March under the weight of $1.1 billion in debt, the Westons expressed an interest in the charter in May and made a formal offer by June.
Adam Zalev, co-founder of Bay financial advisor Reflect Advisors said in a in a court filing made Wednesday that the Bay was drawn to the $12.5 million offer because it “substantially” exceeded the value the charter had been given during a 2022 insurance appraisal.
The offer was also liked by the Bay because of the additional funding which ensured Indigenous communities and archival institutes to have access to the charter.
Historians believe the charter is likely the most coveted piece the retailer owned.
“It’s 100 per cent their crown jewel,” said Cody Groat, a historian of Canadian and Indigenous history who serves as the chair of the UNESCO Memory of the World Advisory Committee in an April interview.
“There is no doubt this is the most significant document that the Hudson’s Bay Company has access to or that they’ve ever produced.”
The charter was temporarily loaned to the Manitoba Museum in 2020.
The bulk of the Bay’s artifacts was held by the museum and the Archives of Manitoba.
“We think of (the charter) as part of our records in a way already because … we’ve got the rest of the story and so we feel like it makes sense for the charter to be here and to be as publicly accessible as any of the other records,” Kathleen Epp, keeper of Manitoba’s Hudson’s Bay Co. archives, reportedly said.
