Zucker Is Selling 80 HBC Locations

Our Canadian heritage is losing some locations.

Jerry Zucker has approached some of Canada's largest retailers in an attempt to unload about 80 underperforming
Hudson's Bay Co. stores, but he isn't talking to key rival
Wal-Mart Canada Corp., industry sources say.

They say Mr. Zucker is circulating a “secret” list of sites to major retailers including grocers Sobeys Inc. and Metro Inc., which owns A&P and Dominion; Canadian Tire Corp. Ltd.; Winners Corp.; and Staples Inc.

“It's the worst-kept secret I've ever heard,” said one source who is familiar with the situation.

Nevertheless, Mr. Zucker is staying clear of Wal-Mart, which has played its part in HBC's decline over the past decade, sources said. It was unclear whether  Loblaw Cos. Ltd. has been courted, although one source suggested it's possible.

Loblaw is becoming a bigger competitor to HBC. The grocer is building massive discount superstores with a wide assortment of food and general merchandise.

It makes me sad that we have lost the Hudson's Bay Company to another non-Canadian owner, but I suppose business is business.  Although, it doesn't mean I have to like it.