Overview
- Hudson’s Bay Co. has initiated restructuring proceedings under Canada’s Companies’ Creditors Arrangement Act (CCAA) to address financial difficulties.
- The retailer has secured interim financing of $16 million CAD from Restore Capital and is seeking additional funding to maintain operations during the process.
- The company cites trade tensions with the U.S., post-pandemic shifts in consumer behavior, and economic pressures like inflation and rising interest rates as key factors behind its struggles.
- Hudson’s Bay, which operates 80 department stores across Canada, will keep stores open while evaluating potential store closures and other cost-cutting measures.
- The restructuring applies only to Hudson’s Bay’s Canadian operations, which remain separate from its former U.S. parent company, Saks Global.