[Update as of April 25, 2025] Hudson’s Bay Company will liquidate the remaining six of its namesake stores and one Saks Fifth Avenue location, with liquidation sales beginning today. The iconic retailer declared the Canadian version of bankruptcy in March 2025. These seven stores join the 73 other Hudson’s Bay, 13 Saks Off 5TH and two Saks Fifth Avenue locations already undergoing the liquidation process. Stores will remain in operation no later than June 15, 2025, although some stores may close earlier, according to a company statement.
Hudson’s Bay is holding open the possibility of bids for some or all of its stores in accordance with the Sale or Investor Solicitation Process (SISP), which already is underway. Hudson’s Bay is offering 40%-70% off storewide on items including men’s and women’s apparel and footwear, jewelry, patio furniture and indoor furniture and mattresses.
[Update as of March 24, 2025] The Ontario Superior Court of Justice, which is supervising the Hudson’s Bay Company bankruptcy under the Companies Creditors Arrangement Act (CCAA), has approved excluding six Hudson’s Bay stores (out of the 80 the retailer operates) from the potential liquidation list.
“This interim step gives additional time for collaborative efforts with key landlords and stakeholders aimed at restructuring the business,” according to a company statement. Other locations will begin the liquidation process today, March 24, 2025.
The six stores include important locations such as downtown Toronto and that city’s Yorkdale Shopping Center as well as a store in downtown Montreal.
[Update as of March 17, 2025] Canada’s oldest corporation is at risk of disappearing. If Hudson’s Bay Company can’t secure the financing needed for a restructuring under the Companies Creditors Arrangement Act (CCAA), the Canadian version of bankruptcy, the retailer warned on March 14 that store-by-store liquidation processes could begin as soon as next week.
In a statement, Hudson’s Bay noted that it employs more than 9,300 people and that the closure of its stores would mark the loss of a key employer and retailer in shopping centers and malls across Canada.
Hudson’s Bay “remains hopeful that key stakeholders, particularly its landlord partners, will engage to explore a viable alternative restructuring path that could preserve jobs, tenancy in retail locations and a company with deep historic significance before it is too late,” said the statement. “This alternative would necessitate significant capital and immediate and substantial cooperation from landlords and other critical partners.”
During the store liquidations process, Hudson’s Bay and its licensed Canadian Saks Fifth Avenue and Saks Off 5th stores will remain open along with, for a limited time, TheBay.com online store.
Original story from March 10, 2025 begins-
Hudson’s Bay Company has filed for the Canadian version of bankruptcy, the Companies’ Creditors Arrangement Act (CCAA), following an order for creditor protection from the Ontario Superior Court of Justice. The retailer, which operates 80 namesake stores and ecommerce site TheBay.com, is exploring strategic alternatives as it faces a volatile economic landscape, with both tariffs on U.S. exports and retaliatory tariffs imposed by Canada on imports from its southern neighbor.
The CCAA protection includes an initial order providing a stay of proceedings in favor of Hudson’s Bay for 10 days, subject to extension if the court deems it appropriate. These bankruptcy proceedings don’t affect U.S.-Saks Global, which operates as a standalone entity distinct from Hudson’s Bay. However, the Canadian retailer does operate three Saks Fifth Avenue and 13 Saks Off 5th stores in Canada, which will continue to operate.
CEO Calls Bankruptcy a ‘Necessary Step’ to Strengthen Retailer’s Foundation
“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,” said Liz Rodbell, President and CEO of Hudson’s Bay in a statement. “While very difficult, this is a necessary step to strengthen our foundation and ensure that we remain a significant part of Canada’s retail landscape, despite the sector-wide challenges that have forced other retailers to exit the market.
“Earlier this year, we worked with potential investors to refinance a portion of our credit facilities to improve our liquidity and support our business plan,” Rodbell added. “However, the threat and realization of a trade war has created significant market uncertainty and has impacted our ability to complete these transactions.”
The Ontario court has appointed Alvarez & Marsal Canada as the monitor to oversee the CCAA proceedings. Restore Capital, an affiliate of Hilco Global, together with other lenders, has agreed to provide Hudson’s Bay with interim debtor-in-possession financing, approving a $16 million (Canadian) advance on March 7, 2025.