Hudson's Bay Liquidates Stores Amid Financial Struggles

Hudson's Bay Company, Canada's oldest retail chain, has begun liquidation sales for nearly all of its 80 stores, except for six locations that have temporarily been spared due to higher-than-expected sales. These exempted stores include the flagship store in Toronto and two others in Ontario, along with three in Quebec. The liquidation is part of a restructuring effort following the company's filing for creditor protection, driven by decreased downtown foot traffic post-pandemic and financial struggles. An Ontario judge has granted permission for the liquidation, allowing the company to potentially save more stores if additional financing is secured. The company's online sales will continue until mid-April, and gift cards remain valid until early April, although loyalty programs have been suspended. The fate of the loyalty program, which holds significant liabilities, remains uncertain.