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Hudson’s Bay to liquidate entire business, still seeking additional capital

  • Hudson's Bay Company announced plans for immediate liquidation beginning next week and expects completion by June 15, pending court approval, due to failure to secure adequate financing to continue operations.
  • The liquidation could lead to job losses for 9,364 employees across various Hudson's Bay and Saks locations, as the company faces severe financial struggles.
  • Hudson's Bay cited subdued consumer spending and post-pandemic traffic drops as reasons for its financial issues, revealing over $950 million owed to numerous creditors.
  • Despite ongoing challenges, Hudson's Bay president and CEO Liz Rodbell expressed optimism about finding support from key stakeholders to avoid a full shutdown.
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123 Articles

Lean Right

This company, created in 1670 by two French trappers, became a luxury distribution chain, did not adapt to the evolution of the market. Its nearly 10,000 employees should be dismissed.

·Paris, France
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Guelph MercuryGuelph Mercury
+6 Reposted by 6 other sources
Lean Left

RioCan calls Hudson’s Bay creditor filing ‘disappointing’ and vows to protect its interests

RioCan says it remains committed “to protecting the interests of its Unitholders and other stakeholders” as Hudson's Bay awaits word on whether it can begin liquidating all 96 of its Canadian stores.

·Guelph, Canada
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  • 70% of the sources lean Left
70% Left

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Daily Hive broke the news in Canada on Friday, November 29, 2024.
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