Hudson's Bay, Canada's oldest retailer, has filed for creditor protection as it grapples with significant economic challenges. The company, which has been in operation since 1670, faces subdued consumer spending and trade tensions between the U.S. and Canada. The Canadian Press reported the filing on March 7, 2025. As the company explores strategic options to fortify its business, it remains committed to preserving jobs wherever possible.
The retailer's struggles have been compounded by a decline in downtown store traffic post-pandemic. Hudson's Bay has experienced a gradual deterioration over several years, leading to store closures and rounds of layoffs. Despite these setbacks, the company continues to operate 80 locations across Canada, offering a wide array of products including apparel, housewares, cosmetics, and furniture.
In addition to its own stores, Hudson's Bay holds a licensing agreement for three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada. It is important to note that Saks Global, which owns U.S. Saks locations as well as Neiman Marcus and Bergdorf Goodman stores, is not affected by the creditor protection filing.
As part of its restructuring efforts, Hudson's Bay is considering various strategic options to strengthen its operational framework. While the company aims to safeguard employment wherever possible, it has refrained from making definitive promises regarding the outcomes of its restructuring plans.
