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Hudson’s Bay Liquidation Marks End of an Era, Thousands of Jobs at Stake

  Hudson’s Bay, Canada’s oldest retail company, is set to liquidate the majority of its stores, leaving thousands of employees facing layoffs. The company, which has been a cornerstone of Canadian retail for over 350 years, recently filed for creditor protection due to financial challenges, including reduced consumer spending and post-pandemic downtown traffic. Starting today, liquidation sales will begin at all but six Hudson’s Bay locations across the country. The six stores spared include flagship locations in Toronto and Montreal, among others. However, the company has warned that these stores could also face closure if a restructuring solution is not found quickly. The liquidation process is expected to impact over 9,000 employees directly, with additional effects on contractors and brand shop-in-shop staff. Many employees, some with decades of service, are grappling with the emotional and financial toll of the closures. The liquidation sales are set to run until June 15, with...
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TD Bank revises forecast for Canadian housing market, predicts 10% decline in home prices

 


TD Bank has revised its forecast for the Canadian housing market, predicting a 10% decline in average home prices through the first quarter of 2024. This is double the previous forecast of a 5% decline, which was made in September. The bank cites higher mortgage costs as the reason for the revision.

The new forecast is expected to have a significant impact on the Canadian real estate market. Home sales across Canada are now expected to fall 10.7% this year, with only a partial recovery of 5.2% forecasted for next year.


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