Hudson’s Bay Seeks Court Approval to Start Liquidation Process Amid Financial Woes

Hudson’s Bay is poised to return to court, aiming for the green light to liquidate its assets, jeopardizing over 9,000 jobs. As Canada’s oldest company, it faces the grim reality of nearly $1 billion in debt and has cited ongoing challenges like decreased consumer spending and pandemic-related traffic drops. Despite these hurdles, the retailer remains hopeful of securing capital and reaching agreements with landlords to avoid total closure. Hudson’s Bay operates 80 department stores, three Saks Fifth Avenue outlets, and 13 Saks Off 5th locations across Canada. The company plans to conclude liquidation by June 15 if necessary, but its dedicated efforts to find a viable solution continue.