Launching and maintaining a business presents significant challenges, with only a few attaining the status of “historic business” in today’s competitive market. In recent times, established chains such as Macy’s, Kohl’s, and JCPenney have announced the closure of numerous locations due to underperformance.
Hudson’s Bay, recognized as Canada’s oldest and largest retailer, originated as a fur trading enterprise in 1670 in the UK before evolving into the well-known department store chain with headquarters in Canada and the United States. Despite its popularity, the company announced it would be shutting down after more than 30 decades of operation.
On March 14, Hudson’s Bay, listed under the ticker HBAYF, filed for creditor protection (CCAA) with the Ontario Superior Court of Justice in Canada, akin to Chapter 11 bankruptcy in the U.S. This action initiated liquidation sales at its 74 owned and operated stores, as well as several affiliated Saks Fifth Avenue and Saks Off 5th locations in Canada, potentially affecting nearly 10,000 employees.
In a bid to preserve its legacy, Hudson’s Bay sought court approval to secure an investor by April 30, temporarily sparing six stores from liquidation. However, financial advisor Adam Zalev reported in a court affidavit that excluding these six stores negatively impacted the company, diminishing the likelihood of securing a buyer. Consequently, it was decided to include the remaining stores in the liquidation sale starting April 25, 2025.
The closure signifies the end of an era for Hudson’s Bay, yet it allows customers one final opportunity to shop during liquidation sales. Starting April 25, the six stores will sell all remaining inventory at discounted rates, with all sales being final and Hudson’s Bay Rewards discontinued. The locations impacted are:
– Hudson’s Bay Flagship on Yonge Street in Toronto
– Hudson’s Bay store at Yorkdale Mall in Toronto
– Hudson’s Bay store at Hillcrest Mall in Richmond Hill, Ontario
– Hudson’s Bay store at Carrefour Laval Mall in Laval
– Hudson’s Bay store in downtown Montreal
– Hudson’s Bay store in Pointe-Claire, Quebec