After decades of up and down business trends, restructuring, and shifts in management, the oldest company in North America has no choice but to liquidate its entire business.
The company claimed that it made “exhaustive efforts to secure sufficient financing” but it filed with the Ontario Superior Court of Justice claiming that the only financing secured was limited debtor-in-possession financing. The department store chain is facing a closure of the entire business, which would unemploy 9,364 Canadian workers across all Hudson’s Bay stores and some Saks Fifth Avenue locations. Although many local consumers voiced their dissatisfaction with losing an iconic Canadian brand, many said that they noticed the lack of investment by The Bay into physical stores. Although there is little hope for salvation, the company remains optimistic that it can pull in capital to find a solution to avoid full shutdown.