Established nearly 344 years ago in May of 1670, The Hudson’s Bay is not only one of the oldest companies in the world, it is also older than Canada itself. Known mostly for its signature blanket bearing the green-red-yellow-navy horizontal stripes, the company has changed ownership several times in the last few years, most recently falling in the hands of retail mogul Richard Baker.

Today it was announced that following a recent acquisition of Saks Fifth Avenue, the company will be selling its flagship location in downtown Toronto — the 3rd largest department store location in the world — for a whopping $650 million. The Bay will lease back its store space as well as introduce a Saks location (the first in Canada). With Nordstroms moving into the old Sears flagship store across the street in the Eaton Center, this will mark a giant shift in the retail landscape for Toronto in the upcoming months.

Read more here.

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