Hudson’s Bay, the iconic Canadian department store chain, is preparing to close its doors for good as it begins its final liquidation sales. The company recently announced that it has started selling off inventory at its remaining stores, marking the beginning of the end for the once-beloved retailer.
Final Sale Across Remaining Locations
Starting Saturday, April 25, Hudson’s Bay began liquidation sales at its last six locations, along with its lone Saks Fifth Avenue store. This follows the closure of several other Hudson’s Bay sites, including 73 stores, 13 Saks OFF 5th locations, and two Saks Fifth Avenue outlets that had already begun liquidation.
Shoppers can take advantage of significant discounts, with Hudson’s Bay stores offering 40-70% off, Saks Fifth Avenue providing up to 30% off, and Saks OFF 5th stores marking down items by 40-60%. Despite these discounts, the closures are part of the company’s decision to cease operations after its inability to secure a viable restructuring plan.
Hudson’s Bay’s Financial Struggles
The liquidation follows Hudson’s Bay’s filing for protection under Canada’s Companies’ Creditors Arrangement Act (CCAA), a move that allowed the company to avoid immediate bankruptcy but ultimately led to its decision to liquidate. Hudson’s Bay’s efforts to find a new investor or secure a restructuring deal were unsuccessful, despite hopes that key stakeholders might intervene. The company sought a “viable alternative restructuring path” that could preserve jobs and retail locations, but with the deadline for bids now passed on April 30, it seems unlikely that the company will recover.
If no new developments occur, Hudson’s Bay’s remaining stores will close permanently by June 15, 2025.
Closure of Saks OFF 5TH and Other Locations
In addition to the Hudson’s Bay stores, several Saks OFF 5TH locations have also shut down. Nine Saks OFF 5TH stores closed on Sunday, April 27, 2024. The company’s struggles were further highlighted by the closure of a Hudson’s Bay location in Saskatchewan, which was damaged by a fire earlier this year. On April 10, 2024, a fire was deliberately set inside the Cornwall Centre in Regina, causing significant smoke and water damage. Hudson’s Bay decided not to renew the lease for that store, although they emphasized that the fire incident did not factor into this decision.
Employee Impact and Future Plans
As the company moves toward its closure, Hudson’s Bay has expressed its commitment to supporting its employees during this difficult time. A spokesperson stated that the company is dedicated to treating all associates “with respect and fairness” throughout the liquidation process. The company is also exploring transfer opportunities where possible for affected employees, ensuring that staff are taken care of as the store closures unfold.
Hudson’s Bay’s final liquidation marks the end of an era for Canadian retail. Once a staple of shopping in Canada, the company’s financial troubles and failure to secure a restructuring deal have led to the inevitable closure of its remaining stores. With major sales happening across the chain’s locations, it’s clear that Hudson’s Bay is making its exit from Canada’s high streets, and its iconic legacy will soon be a part of history.
