Hudson’s Bay is set to be back in court Monday morning where it will seek approval to begin liquidating its entire business, putting more than 9,000 jobs at risk.
The department store holding the title of Canada’s oldest company says it has been forced toward a full liquidation because “exhaustive” efforts haven’t turned up the financing it needs to keep at least some of its empire alive.
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Given the company’s financial situation, it wants to conclude the liquidation process by June 15.
But it says it remains optimistic that it can drum up capital and find a solution with key stakeholders, particularly its landlord partners, to avoid a full shutdown.
In an application to the Ontario Superior Court of Justice, Hudson’s Bay said it was struggling because of subdued consumer spending, trade tensions between the U.S. and Canada, and post-pandemic drops in downtown store traffic.
The retailer owns 80 Hudson’s Bay locations as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada, through a licensing agreement.
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