Hudson’s Bay Granted Creditor Protection to Restructure Operations

Canada's oldest retailer seeks to stabilize its business after years of financial challenges and missed refinancing opportunities.

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.