AN ICONIC Canadian retailer, dating back more than 350 years, is pulling the plug on its final seven stores.
Hudson’s Bay will likely vanish from Canadian high streets soon as the company has revealed its last liquidation plans.
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The historic chain began sales at its remaining six Hudson’s Bay stores and one Saks Fifth Avenue location on Saturday (April 25).
These stores joined 73 Hudson’s Bay sites, 13 Saks OFF 5th locations and two Saks Fifth Avenue stores that have already been hosting liquidation sales.
Shoppers can enjoy a 40-70 percent off sales at the Hudson’s Bay stores, up to 30 percent off at Saks Fifth Avenue and 40-60 percent off the lowest ticketed prices at the Saks OFF 5th stores.
The process began after Hudson’s Bay was unable to finance a restructuring plan – instead only able to secure limited debtor-in-possession financing that required a full liquidation.
The company filed for protection under Canada’s Companies’ Creditors Arrangement Act (CCAA).
At the time, Hudson’s Bay said it hoped that key stakeholders would engage in exploring “a viable alternative restructuring path that could preserve jobs, tenancy in retail locations and a company with deep historic significance before it is too late”.
There was a glimmer of hope that a new investor might step up.
Under the Sale or Investor Solicitation Process (SISP), Hudson’s Bay could save stores from the chopping block.
The deadline for bids was today, April 30.
If nothing has changed, the remaining stores will close for good by June 15, 2025.
Nine Saks off 5TH stores already closed on Sunday, April 27.
Hudson’s Bay was founded in 1670 and opened its first department store in 1881 in Winnipeg, Manitoba.
It comes as a Hudson’s Bay store in Saskatchewan closed on April 10, 2024, due to a fire.
The incident was deliberate after someone lit a clothing rack on fire, said Regina Deputy Fire Chief Dustin McCullough.
As a result, there was significant smoke and water damage to the store at the Cornwall Centre in Regina, Saskatchewan, Canada.
The company decided not to renew the lease for that location, although, a spokesperson for Hudson’s Bay said that the fire didn’t play a role in this decision.
In a statement to CBC News, the spokesperson said that the decision was made “after careful consideration and lengthy review“.
Regarding the employees, the spokesperson said they are “committed to treating every associate with respect and fairness through this process, and transfer opportunities will be explored where feasible.”
CHAINS FACING BANKRUPTCY
Bankruptcy is a specific legal process that helps companies eliminate debt they can’t repay. Here are a list of stores that have recently decalred themselves bankrupt: