Hudson's Bay returns to court to seek approval to begin liquidating its business

The Canadian Press

· Posted: Mar 17, 2025 9:00 AM EDT | Last Updated: 9 minutes ago

Hudson's Bay is acceptable to beryllium backmost successful tribunal connected Monday morning, wherever it volition question support to statesman liquidating its full business, putting much than 9,000 jobs astatine risk.

The section store, which holds the rubric of Canada's oldest company, says it has been forced toward a afloat liquidation due to the fact that "exhaustive" efforts haven't turned up the financing it needs to support astatine slightest immoderate of its empire alive.

Given the company's fiscal situation, it wants to reason the liquidation process by June 15.

But it says it remains optimistic it tin drum up superior and find a solution with cardinal stakeholders, peculiarly its landlord partners, to debar a afloat shutdown.

WATCH | Canada's oldest institution filed for creditor protection: 

In an exertion to the Ontario Superior Court of Justice, Hudson's Bay said it was struggling due to the fact that of subdued user spending, commercialized tensions betwixt the U.S. and Canada, and post-pandemic drops successful downtown store traffic.

The retailer owns 80 Hudson's Bay locations arsenic good arsenic 3 Saks Fifth Avenue stores and 13 Saks Off 5th locations successful Canada, done a licensing agreement.