Hudson’s Bay is likely to vanish from Canadian high streets soon, as the company begins its final liquidation sales.
On Saturday (April 25), the historic chain began sales at its remaining six Hudson’s Bay stores and one Saks Fifth Avenue store.
These stores join 73 Hudson’s Bay locations, 13 Saks OFF Fifth locations, and two Saks Fifth Avenue locations that have already undergone liquidation sales.
Customers can save 40-70 percent at Hudson’s Bay stores, up to 30 percent at Saks Fifth Avenue, and 40-60 percent on the lowest ticketed prices at Saks OFF 5th stores.
The process began after Hudson’s Bay was unable to finance a restructuring plan, instead obtaining limited debtor-in-possession financing that necessitated a complete liquidation.
The company sought protection under Canada’s Companies’ Creditors Arrangement Act (CCAA).
Hudson’s Bay stated at the time that it hoped key stakeholders would engage in exploring “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”.
There was hope that a new investor would step forward.
Under the Sale or Investor Solicitation Process (SISP), Hudson’s Bay could save stores from closure.
The deadline for bids was today, April 30.
If nothing changes, the remaining stores will close permanently by June 15, 2025.
Nine Saks OFF 5TH stores had already closed on Sunday, April 27.
It comes as a Hudson’s Bay store in Saskatchewan closes on April 10, 2024, due to a fire.
Dustin McCullough, Regina Deputy Fire Chief, stated that the incident was deliberate, as someone set fire to a clothing rack.
As a result, the store at the Cornwall Centre in Regina, Saskatchewan, Canada sustained significant smoke and water damage.
The company decided not to renew the lease for that location, though a Hudson’s Bay spokesperson stated that the fire played no role in this decision.
The spokesperson told CBC News that the decision was made “after careful consideration and lengthy review”.
Regarding the employees, the spokesperson stated that they are “committed to treating every associate with respect and fairness throughout this process, and transfer opportunities will be explored where feasible.”