Eaton's was Canada's largest retailer for 130 years — then it vanished

Eaton's was founded in 1869 in Toronto by Timothy Eaton, who pioneered the 'cash only, one price' model and the 'goods satisfactory or money refunded' guarantee. By 1884 it published its first catalogue, and by 1905 its Winnipeg store opened. At its peak, Eaton's controlled 60% of Canadian department store sales and employed 70,000 people, making it the largest retailer in the British Empire.

The decline began in the 1970s. Eaton's launched the Horizon discount chain, which failed and closed in 1978. In 1976, it cancelled its iconic catalogue, laying off 9,000 employees. In 1991, it introduced 'Everyday Value Pricing' (Eaton Value), eliminating all sales — this drove away customers and was abandoned after four years. The family failed to renovate stores, cut staff training, and lost touch with younger shoppers.

In 1997, Eaton's filed for bankruptcy protection with 24,500 employees and 90 stores. It went public in 1998 at $15 per share, but lost $72 million that year. In August 1999, it declared bankruptcy with 64 stores remaining. By late October 1999, nearly all stores were liquidated and closed. Sears Canada bought the Eaton's name and eight stores for $30 million, but the brand was retired in 2002.