Showing posts with label bankruptcy. Show all posts
Showing posts with label bankruptcy. Show all posts

Friday, April 4, 2025

The Sad Goodbye of Hudson's Bay


Need a fancy dress? The Bay has them on sale!

So it has come to this. The Hudson's Bay Company, which was established in May 1670 trading beaver pelts and later became an iconic brand known for being Canada's department store, has declared bankruptcy.

Customers have until April 6 to use up their gift cards and so I ventured downtown to see what was left in the multi-level store on Georgia and Granville streets.

The floors look more empty as stock is snapped up
While a cheery staff member greeted me as I came in, it was definitely noticeable that the place is closing. Shoppers were circling around to see what deals they could get on the ground floor, but there weren't many sharp discounts on items unless they were very old stock. Otherwise most things were 20 per cent off, or still full price. 

I went to the escalator to go up, but it was blocked off. Shut down, presumably to save on electricity. So I made my way to the back of the store where the elevators were (also closed), but that was where the staircase was and made my way up to the second floor.

If you need a floor-length ballgown in size 16 come here and grab one before the store closes. Otherwise there was a lot of clothes that people didn't want, mostly because the design seemed dated, stale, hardly interesting. 

The shoe department was pretty much picked over, and it was surprising to see brands like Ugg and Hunter not completely wiped out. There were tons of kids boots still available too. 

On the third floor were more casual clothes and there were racks and racks of jeans in all kinds of sizes and you had to wade through all of them to find your size. I found two pairs to try on as well as a top and took a while to find a fitting room.

The only way up and down is stairs
The staff manning it were bored, counting down the days until they were let go; they may not be fully compensated for all their hours either, which is terrible.

Magically one pair of jeans fit, and it was 20 percent off $159 before tax. With my two gift cards totalling $39, that made my pair of jeans under $100... was it worth it? Not really, but I figured I will probably wear these jeans for several years to replace ones I've had for over 15 years.

As I made my way down the stairs to the ground floor, others were walking up, looking somewhat optimistic they would find a bargain... hope they weren't too disappointed...

Monday, November 18, 2024

Review: Arthur Erickson: Between the Lines


Erickson was considered one of the best architects in Canada

This afternoon watched a fantastic biographical film called Arthur Erickson: Beauty Between the Lines produced by Black Rhino Creative which is based in Vancouver. The film debuted a few weeks ago at a local architecture festival and was sold out for all three dates.

I was hoping to have a chance to see it and Viff is showing it now.

The Museum of Anthropology at UBC
Arthur Erickson was a well known Vancouver-born architect, and he designed a number of key buildings in the city, from Simon Fraser University, to the Museum of Anthropology, the Law Courts with Robson Square, and MacMillan Bloedel Building, renamed Arthur Erickson Place three years ago.

His designs were also in Toronto like Roy Thomson Hall, the Government of Canada pavilion at Expo '70 on Osaka, Japan, and the Museum of Glass in Tacoma, Washington State.

The film brings Erickson to life from a lot of television interviews together with his niece and nephews (two of whom are architects), and former colleagues and staff that give a more rounded picture of him.

It turns out Erickson was able to compartmentalise his life, as he hid that he was gay for a long time, and knew being gay was bad for business at the time; however he had a partner he loved very much who sadly died of Aids in the 1990s.

Campus of Simon Fraser University
When Erickson was young he was a talented artist, but in World War II he was in the army, where he learned Japanese in a bid to avoid combat. After the war he was keen on joining the diplomatic corps, but then a friend showed him a picture of Frank Lloyd Wright's architecture and Erickson was amazed and wanted to learn how to create buildings in nature.

Erickson studied architecture at the University of British Columbia and in McGill in Montreal where he became friends with the future Prime Minister Pierre Trudeau. 

Afterwards Erickson taught at UBC and began designing houses. He later met Geoffrey Massey and the pair went on to win the commission to build the SFU campus which was innovative at the time. They looked to the Acropolis for inspiration, how higher learning was found on the top of a mountain. They also created quadrants so that students and academics of different disciplines would interact with each other. 

One of the complaints was that in winter it was so dreary on campus that a professor once complained to Erickson about it. He replied that since the building elicited emotion, then the architect had done his job.

Roy Thomson Hall in Toronto
He was already very understanding of Indigenous culture, and the Museum of Anthropology demonstrates this, with the museum and totem poles facing the sea and how natural light affects how visitors see things in the space. 

From there they got a number of commissions inside and outside of Canada, but Massey was getting annoyed with Erickson's frivolous spending habits to please his partner, Venezuelan Francisco Kripacz, who designed furniture, went bankrupt and then Erickson took him in as an interior designer. 

Kripacz added flair to Erickson's designs, which made them a good team, but he had extravagant taste and influenced the architect to spend a lot of money. One time a party in their Los Angeles office cost $50,000 -- just for flowers.

Financial problems caused Erickson and Massey to break up their practice, and later on Erickson broke up with Kripacz. Erickson had another boyfriend, but then a mysterious disease called Aids was killing gay men, and his boyfriend died, as well as Kripacz's.

The two reunited, but Kripacz was infected as well. This was also around the time that Erickson declared bankruptcy in 1992, unable to pay all his bills. It was devastating because it meant he was unable to keep his license as an architect and would have to literally start all over again taking courses -- Erickson of all people who had taught architecture!

He refused, so he gave up his license, but was pretty much broke. In the 1990s Erickson phoned around, asking doctors for any kind of experimental drug that would help his partner; Erickson found some uncashed traveler's cheques and went to give them to Kripacz, but discovered he had committed suicide.

Kripacz was Erickson's longtime partner
His niece and nephews said Erickson could not get over this, and towards the end of his life began developing dementia. He would sit in his office with a magazine and forget about appointments and things he had to do. In the end his relatives had to put him in a home, where he did not last long, and died in 2009 at the age of 84.

I learned a lot about Erickson's life and career, as well as his approach to the various projects he worked on. Vancouver is so lucky to have many of his buildings, pockets of his vision around the city. It also helped that governments were willing to invest in big infrastructure projects like the provincial law courts and Robson Square to create public spaces for people.

Arthur Erickson: Between the Lines was a lovely tribute to him and showed that even when facing adversity, he did it with style. Even when he was announcing his bankruptcy he never let on his disappointment or frustration; he just carried on, dressed in his sharp suits.


Saturday, June 22, 2024

Insolvencies Creeping Up in Hong Kong

The number of bankruptcies filed at a two-year monthly high

Things in Hong Kong aren't getting better, with the number of bankruptcies filed at a two-year monthly high. 

According to the Official Receiver's Office, 871 people filed for insolvency in May, up from 742 in April, and 783 in March.

May's figure is a 35 percent increase over the 646 recorded last May, and it is the highest monthly figure since April 2022, when 930 bankruptcies were filed.

While economists blame the bankruptcy applications on banks recalling loans, others cited high interest rates these past two years.

But the government doesn't see it that way. 

The Financial Services and Treasury Bureau said the figures should be viewed from a macro perspective and "do not actually reflect the overall economic trend and economic reality".

"One cannot accurately assess the actual situation of the Hong Kong economy based soley on the rise and fall of individual monthly figures," the bureau said in a social media post.

"In fact, a comprehensive analysis of various economic indicators shows that the Hong Kong economy is steadily improving and exhibiting a recovery momentum."

The bureau even pointed out the unemployment rate is at 3 percent, and the gross domestic product (GDP) is growing by 2.7 percent year-on-year in the first quarter.

Perhaps that's grasping straws? Hong Kong has always had a low unemployment rate, and even more so with fewer people in the city. Is the GDP really on an uptick because of more mainland Chinese tourists coming to Hong Kong to shop?

That's a lot of luxury handbags if that's true...

VIFF -- Review: Our Mr. Matsura

Matsura (right) with a local in Okanogan County Frank (Sakae) Matsura, was the son of a Samurai in Hirado, Japan, but by the time he was gro...