Hudson's Bay to liquidate most stores, save only six, in effort to save struggling company.

From Yahoo Finance: 2025-03-21 16:58:00

Hudson’s Bay, Canada’s oldest company, is set to liquidate all but six of its stores after receiving court approval. Founded in 1670, the retailer will sell off inventory at most of its locations, including iconic Hudson’s Bay stores and Saks Fifth Avenue shops across Canada.

The six stores being saved include flagship locations in Toronto and Montreal, as well as stores in malls like Yorkdale and Carrefour Laval. Discounts during the sale, running until June 15, are unspecified, with all liquidating stores to be vacated by June 30.

The move could save over 9,000 jobs that were at risk with the initial plan to liquidate all stores. Recent sales exceeding expectations allowed for the decision to keep six stores alive, offering a glimmer of hope for the struggling company.

Hudson’s Bay faced financial challenges due to reduced consumer spending, trade tensions, and a post-pandemic decline in store traffic. Seeking creditor protection, the company deferred payments to landlords and suppliers, ultimately leading to the need for financing and the looming threat of liquidation.

While the company works to find a long-term solution for its financial troubles, customers can expect deals on home goods and apparel at stores set to be liquidated. All sales at the liquidating stores will be final, with the company emphasizing the urgency of finding a solution before the window closes.

Read more: Canada’s oldest company to liquidate all but 6 stores starting Monday