Hudson’s Bay to Begin Liquidation Process After Failing to Secure Financing

Canada’s oldest retailer plans to close all stores by June, jeopardizing over 9,000 jobs as financial struggles force a historic shutdown.

Hudson’s Bay announced plans for an immediate liquidation starting next week, aiming to conclude the process by June 15, pending court approval.
The company’s failure to secure sufficient financing has left it unable to meet its obligations, with over $950 million owed to creditors including landlords and suppliers.
The retailer’s struggles stem from declining consumer spending, post-pandemic shifts in shopping habits, and competition from e-commerce giants and specialty retailers.
Attempts to restructure, including separating e-commerce and store operations, failed to revive the brand and led to operational inefficiencies and mounting debt.
The closure will impact 80 Hudson’s Bay stores, as well as Saks Fifth Avenue and Saks Off 5th locations in Canada, leaving significant retail spaces vacant across the country.