Hudson's Bay says it will liquidate entire business if no financing can be secured

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A closure of the full concern would mean occupation losses for 9,364 employees the institution has successful Canada crossed its Hudson's Bay stores, arsenic good arsenic 3 Saks Fifth Avenue stores and 13 Saks Off 5th locations it owns done a licensing agreement.

Canada's oldest institution seeking superior needed to restructure

The Canadian Press

· Posted: Mar 14, 2025 10:51 PM EDT | Last Updated: 2 minutes ago

Hudson’s Bay astir $1B successful debt, tin hardly wage its staff, bills

Court documents overgarment a grim representation of Hudson’s Bay Company’s finances, revealing astir $1 cardinal successful debts to assorted creditors including manner brands, banks and governments. With conscionable $3 cardinal connected hand, the institution tin hardly wage its staff.

Department store concatenation Hudson's Bay says it volition statesman liquidating its full concern arsenic soon arsenic adjacent week unless it finds a much viable way forward.

Canada's oldest company, which has 80 stores, says it was forced toward the afloat liquidation due to the fact that exhaustive efforts haven't turned up the financing it needs to restructure.

Hudson's Bay says it remains hopeful that it tin drum up superior and find a solution with stakeholders, including its landlord partners, to debar a afloat shutdown.

The liquidation quality comes astir a week aft the beleaguered institution sought creditor extortion from the Ontario Superior Court of Justice.

In its application, Hudson's Bay said it was facing fiscal struggles 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.

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