As of March 2025, Hudson’s Bay, Canada’s oldest company, is facing a critical juncture. The iconic department store chain, which has been in operation since 1670, has announced plans to liquidate its entire business unless it secures additional financing. This move could result in the closure of all its stores and the loss of over 9,000 jobs across Canada.
Hudson’s Bay has been struggling to secure the necessary funding to keep its operations alive. Despite its efforts, the company has only managed to secure limited debtor-in-possession financing, which is insufficient for restructuring purposes. As a result, Hudson’s Bay is preparing for an immediate liquidation of its assets, which could begin as early as next week and conclude by June, pending court approval.
Short answer: Yes
As of Friday night, Hudson’s Bay confirmed liquidation of the entire business. The potential closure would affect Hudson’s Bay stores, three Saks Fifth Avenue stores,…
and 13 Saks Off 5th locations in Canada, which Hudson’s Bay operates through a licensing agreement. This would lead to significant job losses for 9,364 employees across these locations.
Retail experts, as reported by Toronto CityNews, attribute the situation to a combination of missteps, including lack of store investment and underlying issues. Despite the bleak outlook, Hudson’s Bay remains optimistic about finding a solution.
The company is working diligently to secure capital and collaborate with key stakeholders, particularly its landlord partners, to avoid a full shutdown. The support from customers and employees has strengthened the company’s resolve to explore every possible avenue to save the business. For more on this, see Calgary Herald.
As Hudson’s Bay navigates this challenging period, whether the company can secure the necessary funding to avoid a complete closure remains to be seen. The situation is fluid, and developments are expected in the coming weeks. For now, the future of this historic Canadian retailer hangs in the balance.
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