Hudson’s Bay plans ‘immediate’ liquidation of entire business

In a late Friday announcement, Canada's oldest company said it couldn't secure the necessary financing to keep at least some of its empire alive.

Despite holding out hope it can avoid a full shutdown, Hudson’s Bay says it is planning an “immediate” liquidation that would begin next week and wrap up in June.

In a late Friday announcement, Canada’s oldest company said it couldn’t secure the necessary financing to keep at least some of its empire alive.

A closure of the entire business, which is planned pending a court appearance set for Monday, would mean job losses for 9,364 employees the company has in Canada across its Hudson’s Bay stores, as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations it owns through a licensing agreement.

Though the situation looks bleak, the company said it remains optimistic it can drum up capital and find a solution with key stakeholders, particularly its landlord partners, to avoid a full shutdown.

“Our team has worked incredibly hard to identify a viable path forward, and our resolve is strengthened by the overwhelming support from customers and associates who have shared heartfelt stories about Hudson’s Bay and what our stores have meant to them, their families, and their communities across the generations,” said Hudson’s Bay president and CEO Liz Rodbell in a statement on Friday night.

“These powerful experiences remind us why we must continue to pursue every possible opportunity to secure the necessary support from key landlords and other stakeholders to save The Bay.”

The department store chain dates back to 1670 and now spans 80 stores.

Hudson’s Bay said it plans to sell off its assets over the coming months, pending court approval, which could include an auction process if it receives multiple qualified bids.