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Hudson's Bay Prepares for Liquidation Sales Amid Financial Struggles
Hudson's Bay, one of Canada's most iconic retailers, is set to begin liquidation sales as early as Tuesday, following a court hearing on its financial future. The company, which has been grappling with mounting debt and declining sales, filed for creditor protection earlier this month under the Companies' Creditors Arrangement Act (CCAA).
The liquidation process will involve all Hudson's Bay locations across Canada, including its Saks Fifth Avenue and Saks OFF 5TH stores. The sales are expected to continue until mid-June, marking the end of an era for the 350-year-old retailer. During this period, stores will remain open, and all sales will be final.
Hudson's Bay's financial woes have left approximately 9,400 employees facing uncertainty, with the company unable to secure sufficient financing to restructure its operations. Efforts to find a buyer or alternative funding have so far been unsuccessful, leaving liquidation as the most viable option.
This development signals a significant shift in Canada's retail landscape, as Hudson's Bay has long been a cornerstone of the country's shopping experience. Further details on store closures and final sales events are expected in the coming days.
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