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2mo ago

Hudson’s Bay Begins Liquidation, Marking the End of a 355-Year Legacy

Canada’s oldest retailer is closing all 80 stores and associated operations after failing to secure financing, impacting 9,300 jobs and reshaping the retail landscape.

Image
People walk past the Hudson's Bay store in Toronto on Monday March 10, 2025.
The flagship Hudson's Bay store in downtown Vancouver seen in a photo.
A Hudson’s Bay store in downtown Calgary on March 10, 2025.

Overview

  • Liquidation sales are set to begin this week across 80 Hudson’s Bay stores, 3 Saks Fifth Avenue stores, and 13 Saks Off Fifth stores in Canada, lasting 10 to 12 weeks.
  • The company filed for creditor protection on March 7, 2025, after securing only $23 million in financing, insufficient for restructuring.
  • Owner Richard Baker’s focus on real estate over retail operations has been cited as a key factor in the company’s financial decline.
  • The closures will result in significant economic and cultural impacts, including the loss of 9,300 jobs and the removal of a major anchor tenant in Canadian malls.
  • Gift cards will remain valid until April 6, 2025, while the loyalty program has been suspended, leaving $58.6 million in unused points unrecoverable.