Overview

• The chain filed for creditor protection on March 7 under C$1.1 billion in debt and began liquidation sales that will see the last stores close by June 1.
• Canadian Tire Corp. secured Hudson’s Bay’s intellectual property in a C$30 million deal without assuming any store operations.
• A proposal led by former executives, including Bonnie Brooks, to keep 24–31 stores open never materialized due to the absence of a formal bid.
• More than 8,300 employees face job cuts and loss of benefits as the 355-year-old retailer winds down without offering severance to many long-term staff.
• Hudson’s Bay’s decline was driven by falling downtown traffic, pandemic setbacks and growing competition from e-commerce.