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Hudson's Bay Co., With 355-Year History, Files for Creditor Protection Amid Trump Tariffs, Plans to Close Half Its Stores Impacting 9,400 Jobs

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Updated Mar 12, 2025, 02:03 PM

Hudson's Bay Co., Canada's oldest retail chain with a 355-year history, has filed for creditor protection amid financial difficulties. The company, which operates 80 department stores and also runs Saks Fifth Avenue and Saks Off 5th in Canada, cited factors such as Trump tariffs, changing consumer habits, and rising costs for its struggles. As part of a restructuring process, Hudson's Bay is looking to close approximately half of its stores, a move that is expected to impact thousands of jobs. The retailer received approval for 16 million Canadian dollars in debtor-in-possession financing from lenders including Restore Capital, an affiliate of Hilco Global, to fund operations during the proceedings overseen by the Ontario Superior Court of Justice. The financial strain on Hudson's Bay, which employs about 9,400 people, is part of a broader trend affecting the retail sector. Other retailers are also facing significant challenges due to tariffs and economic pressures, with Hudson's Bay struggling to pay suppliers and meet payroll obligations.

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#Canada #Saks Fifth Avenue #Saks Off 5th #Trump #Canadian #Restore Capital #Hilco Global

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Sources

bisnow.com(3)retaildive.com(2)telegraph.co.uk donaukurier.de

Michael

@MichaelLagazo

Bankrupt Retailers Have Massive CMBS Exposure. Closures Could Send Values Tumbling via ⁦@Bisnow⁩ #retail #realestate #finance https://t.co/k3q4ANZlIt

David D. Tawil

@DavidDTawil

#RetailApocalypse Commercial #RealEstate #CMBS. You don't say? Countless liquidations are going to have an affect on debt? #PartyCity #JoAnn #99Cents #RiteAid https://t.co/jILggzzD27