Hudson’s Bay seeks creditor protection, plans restructuring amid pressures
Global News
The company says it has been facing significant pressures, including subdued consumer spending, U.S. trade tensions and post-pandemic drops in downtown store traffic.
Canada’s oldest retailer, Hudson’s Bay, says it has filed for creditor protection and intends to restructure the business.
The department store company that dates back to 1670 said in a statement it has been facing significant pressures including subdued consumer spending, trade tensions between the U.S. and Canada and post-pandemic declines in downtown store traffic.
The company’s hulking footprint spans 80 Hudson’s Bay locations that sell everything from apparel and housewares to cosmetics and furniture.
Through a licensing agreement, it also owns three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada, which will continue to operate.
Saks Global, which owns U.S. Saks locations as well as Neiman Marcus and Bergdorf Goodman stores is not connected to the creditor protection filing.
Hudson’s Bay said it was exploring several strategic options to strengthen its business and said it would not make promises but was committed to preserving jobs where possible.
The company spent the last several years in a state of deterioration as it closed several stores and carried out several rounds of layoffs, citing challenging headwinds.
As they face already low grain prices, Canadian and U.S. farmers are bracing for an increase in the cost of fertilizer amid President Donald Trump's trade war.
The size of pre-approved designs released on Friday range from additional dwelling units (ADUs) of 50 square feet to three-bedroom sixplexes of 739 square feet
The RCMP says officers kept the family on the phone while tracking their coordinates by GPS and by following their footsteps in the snow.
Labour Minister Steve MacKinnon announced new 'temporary work-sharing measures' that will go into effect Friday to mitigate the impacts of the U.S. trade war.
The U.S. defence secretary had given the military until Wednesday to remove content that highlights diversity efforts in its ranks following Trump’s executive order.
The locations are also the centre of the industry's new Cineventure Campaign, which guides visitors to locations where their favourite series and movies were shot.
A 43-year-old Ontario man is charged after falsely accusing his partner of impaired driving, with police discovering he was the one driving under the influence.
Tens of thousands of music fans flock to Birds Hill Park each summer for the Winnipeg Folk Festival, but this year's a special one for the local event — its 50th anniversary.
February was the first full month since the inauguration of Donald Trump, a period which has seen great uncertainty on the Canada-U.S. trade relationship.
A federal judge has dismissed a legal challenge of Justin Trudeau's move to prorogue Parliament, concluding the prime minister did not exceed the bounds of his authority.
J.P. Cormier, Nova Scotia musician, cuts ties with the U.S. over Trump's tariffs, emphasizing the importance of Canadian solidarity.
The Supreme Court of Canada is set to release its decision today about third-party election advertising rules in Ontario that limit spending.
A combination of anger over U.S. President Donald Trump's tariff and annexation threats and a weak Canadian dollar have Canadian tourists avoiding the U.S.