Hudson’s Bay, a retail company with a history stretching back more than 350 years, has filed for creditor protection, raising concerns about the future of its 80 department stores across Canada. The company, which has been a key player in the country’s commercial sector for generations, cited financial difficulties caused by US tariffs, changing consumer habits after the pandemic, and rising operational costs.
In a statement released on Friday night, Hudson’s Bay announced that it had begun proceedings under the Companies’ Creditors Arrangement Act, seeking legal protection while it works to restructure its finances. This move puts the future of its stores at risk, which could have a significant impact on Canada’s retail landscape.
The company, originally established in 1670 in the United Kingdom, opened its first Canadian store in Winnipeg in 1881. Today, it operates 32 stores in Ontario, 16 in British Columbia, 13 in Quebec, 13 in Alberta, and two each in Manitoba, Saskatchewan, and Nova Scotia. Many of these locations are anchor tenants in major shopping centers across the country.
Company’s Commitment to Survival
Liz Rodbell, President and CEO of Hudson’s Bay, emphasized that the decision was made with the interests of customers, employees, and business partners in mind. She assured that the company remains committed to its future in Canada.
“Hudson’s Bay has been a vital retailer to Canadians for generations, and this decision was made with the best interests of our customers, associates, and partners in mind,” Rodbell said. “We remain deeply connected to Canada and are focused on the future. Our goal is to re-establish our foothold and ensure the company’s long-term place in the evolving Canadian retail market.”
The company’s stores are located in some of Canada’s busiest commercial centers, including Erin Mills Town Centre in Mississauga, White Oaks Mall in London, Mapleview Centre in Burlington, and Oshawa Centre in Ontario. In Western Canada, Hudson’s Bay has stores in locations such as Calgary’s Sunridge Mall and Aberdeen Mall in Kamloops. In Quebec, it operates in major shopping hubs like Galeries D’Anjou in Montreal and Carrefour De L’Estrie in Sherbrooke.
A History of Major Business Moves
In July 2024, Hudson’s Bay made a bold expansion move by purchasing Neiman Marcus Group for $2.65 billion, forming Saks Global, a business entity that included Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman. However, the company separated from Saks Fifth Avenue in December 2024.
Despite its long history and prominence in Canadian retail, Hudson’s Bay now faces an uncertain future as it attempts to navigate financial difficulties and adapt to a rapidly changing retail environment.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ