Moncton's Bay closing

The Bay is closing its Moncton store and has no plans to open another branch in the city.

In a statement Thursday, the Bay said that on Jan. 5 it had learned its landlord was terminating the store's lease atthe Highfield Square Shopping Centre.

"As such, our last day of business will be April 21, 2012.We will close at the regular time that day," the statement said. "The Bay has no plans at this time to open another store in Moncton."

In February 2011, the company announced it wasclosing one of its Halifax branches, butsaid Moncton's would remain open.

The Bay said the Moncton closure will cost 70 people their jobs. It was the only branch in New Brunswick.

The Halifaxclosure was blamed on bad economic conditions. The outlet in Dartmouth remains open.

The Hudson's Bay Co. is the oldest incorporated joint-stock merchandising company in Canada and the second oldest in North America. The company was incorporated by a royal charter by King Charles II in 1670 as the only company allowed to trade in the Hudson Bay drainage basin.

When the fur industry took a downturn in the late 19th century, the company turned into a merchant business selling goods to settlers in western Canada.