Hudson’s Bay Announces Plans for Full Business Liquidation

Canada’s oldest retailer faces closure after failing to secure financing, risking over 9,000 jobs and leaving vacant retail spaces nationwide.

Hudson’s Bay plans to begin an immediate liquidation process next week, aiming to conclude by June 15, pending court approval.
The company owes over $950 million to creditors and has struggled with declining sales, subdued consumer spending, and post-pandemic shifts in shopping habits.
Job losses are expected for over 9,000 employees across 80 Hudson’s Bay stores, as well as Saks Fifth Avenue and Saks Off 5th locations in Canada.
Efforts to secure financing and concessions from landlords have failed, leaving the company unable to meet its financial obligations or sustain operations.
The 355-year-old retailer’s decline highlights challenges faced by department stores, including competition from e-commerce, underinvestment in stores, and operational missteps.