What the loss of the Bay means for Vancouver [Video]

Hudson’s Bay, Canada’s oldest company, started its liquidation this week.

“The Bay building is almost 100 years old, it’s Class A heritage, and I think it’s an incredibly important building to the downtown,” said Vancouver Coun. Mike Klassen.

While the Bay initially filed for creditor protection with the intention of restructuring, the majority of its stores are now shutting down and have begun clearing their inventories.

Liquidation is expected to wrap up by June 15, with the company vacating the stores by June 30. Only six stores have been spared so far — three in Ontario and three in Quebec.

An important part of Vancouver’s downtown core

Klassen’s biggest concern is that the building will be boarded up.

“Even if it took four or five years to figure …