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4mo ago

Hudson’s Bay to Liquidate Final Six Stores as Asset Sales Advance

Canada’s oldest retailer begins clearance sales Friday while seeking court approval to auction historic artifacts and art collection.

Sale signage is seen at the Hudson's Bay store in Toronto, Tuesday, April 22, 2025. THE CANADIAN PRESS/Giordano Ciampini
Hudson’s Bay in Park Royal shopping centre in West Vancouver, B.C. on March 27 2025. Hudson’s Bay Company announced on March 21, 2025 that all but six of its locations across Canada would be liquidated after the company filed for credit protection. [Isabella Falsetti/Globe and Mail]
The royal charter which launched Hudson's Bay Company, issued by King Charles II in 1670, is shown in an undated handout image. The department store wants to auction off the document along with its trove of art and historical artifacts as part of its creditor protection process. THE CANADIAN PRESS/HO-Hudson's Bay Company, *MANDATORY CREDIT*
FILE- The Bay's flagship store in downtown Montreal is seen here Thursday, March 10, 2005. Hudson's Bay Company says it's cutting about 825 management and administrative jobs to realign its senior management team Thursday, Nov. 3, 2005.The Toronto-based retailer says the move will simplify its operations and save $45 million a year.

Overview

  • Hudson’s Bay will start liquidating merchandise at its last six stores on Friday, including flagship locations in Toronto and Montreal.
  • The company, burdened by C$1.1 billion in debt, has determined that finding a buyer for the remaining stores is unlikely.
  • Eighteen potential bidders have expressed interest in 65 store leases, with bids due next week, though no interest was shown for 36 leases.
  • Hudson’s Bay is seeking court approval to auction its 1670 royal charter, alongside 1,700 art pieces and 2,700 artifacts, through Heffel Gallery Ltd.
  • Indigenous leaders have called for a halt to the sale of culturally significant artifacts, citing concerns over colonial dispossession and lack of consultation.