Hudson's Bay Begins Liquidation Across 80 Canadian Stores

Hudson's Bay Company is poised to begin liquidation sales across all 80 of its Canadian stores, along with three Saks Fifth Avenue and 13 Saks Off 5th locations, unless it secures financial assistance soon. A court hearing is set to determine whether the liquidation, which could start this week, will be approved as the company faces over $1 billion in debt and significant job losses. Hudson's Bay filed for creditor protection on March 7, citing declining sales due to subdued consumer spending and post-pandemic challenges. Lawyers for the retailer have communicated that starting liquidation quickly could maximize business value and potentially preserve chances for restructuring. Despite the dire situation, the company remains hopeful for a financial lifeline that could mitigate the closures. The historic retailer, founded in 1670, is at risk of shutting down permanently, marking the end of a significant chapter in Canadian retail history.