The Hudson’s Bay Company (HBC) officially filed for creditor protection on Mar. 7. This could lead to 96 stores closing in Canada and may jeopardize over 9,000 jobs. HBC is currently trying to locate buyers to save the company as it prepares to liquidate their assets.
HBC was created in 1670, originating as a fur trading company before transitioning to a high-end department store.
HBC also owns Saks Fifth Avenue, Zellers, and Saks OFF 5TH. The company will be given 12 weeks time to liquidate their assets.
Jenna Jacobson, director of the Retail Leadership Institute at Toronto Metropolitan University, pointed out the issues of losing the historic department store.
“This marks the end of a nearly 400-year-old institution which is going to have significant impacts in reshaping the Canadian retail landscape, with major consequences for employees, customers, as well as broader retailers operating in Canada.”
It remains uncertain whether or not a buyer will be able to save the company; however, HBC remains hopeful that they will find one in time.
Rachel is working towards a BA with a concentration in English and Theatre. She has been employed at The Cascade since Fall 2021 as a Staff Writer and a Jr. News Editor. Currently, she is the sectional News Editor and enjoys meeting and interviewing people as well as taking long walks in nature. Rachel also likes to stay up to date on the latest trends and informs students through her fashion column entitled Campus Fashion.
