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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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Mexico Threatens Retaliatory Tariffs in Response to Trump's Proposed Tariffs

 

 Mexican President Claudia Sheinbaum announced on Tuesday that Mexico is prepared to impose its own tariffs in response to U.S. President-elect Donald Trump's threat to levy a 25% tariff on all products entering the United States from Mexico. This move comes as Trump aims to address illegal immigration and drug trafficking, particularly fentanyl.

Sheinbaum emphasized that Mexico has taken significant steps to curb the flow of migrants and drugs, noting that "caravans of migrants no longer reach the border" and that Mexico has worked to stem the flow of drugs, despite it being a public health issue in the U.S.. She warned that retaliatory tariffs could jeopardize common businesses, particularly U.S. automakers with plants on both sides of the border.

Economists and trade experts have expressed concerns that such tariffs could lead to higher prices for consumers and potential economic disruptions. The U.S.-Mexico-Canada Agreement (USMCA) prohibits the imposition of tariffs on member countries, adding another layer of complexity to Trump's threat.

As the situation unfolds, businesses and consumers on both sides of the border are bracing for the potential economic impact of these tariffs.



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