Hudson’s Bay Co. Files for Bankruptcy Protection Amid Financial Crisis
Mar/13/2025
Hudson’s Bay Co., North America’s oldest retailer, has filed for bankruptcy protection in Canada, citing mounting debt, liquidity issues, and economic headwinds. The company, which operates Hudson’s Bay, Saks Fifth Avenue, and Saks Off 5th stores in Canada, warned it is unable to pay suppliers and could soon struggle to meet payroll for its 9,400 employees. The court approved CA$16 million in emergency financing to sustain operations while the company restructures and liquidates select locations. A combination of post-pandemic consumer shifts, U.S. tariffs, and a failed 2021 online-offline split has left the retailer financially strained. The company’s woes intensified after its parent firm acquired Neiman Marcus and Bergdorf Goodman, diverting resources to Saks Global while HBC itself teetered on insolvency. While Saks Global and its U.S. operations remain unaffected, Hudson’s Bay is poised to shrink its footprint, marking a sobering chapter for a 355-year-old retail institution.
