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End of an Era: Hudson’s Bay Faces Potential Closure
Hudson’s Bay Company, a cornerstone of Canadian retail history, is on the brink of a full shutdown. The company, which dates back to 1670, has announced plans for an "immediate" liquidation process unless last-minute financing can be secured. This decision comes after the company filed for creditor protection earlier this month, citing nearly $1 billion in debt and ongoing financial struggles.
The potential closure would impact 80 Hudson’s Bay stores across Canada, along with three Saks Fifth Avenue and 13 Saks Off 5th locations operated under a licensing agreement. Over 9,000 employees face job losses, and shopping malls across the country may struggle to fill the large retail spaces left behind.
Despite the grim outlook, Hudson’s Bay executives remain hopeful. They are actively seeking support from landlords and other stakeholders to salvage parts of the business. CEO Liz Rodbell emphasized the importance of the company’s legacy, sharing heartfelt stories from customers and employees about the role Hudson’s Bay has played in their lives.
If no solution is found, liquidation sales could begin as early as next week, marking the end of an era for Canada’s oldest retailer.
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