An exterior view of the Hudson’s Bay store in downtown Calgary, Alberta, on March 10.Amir Salehi/The Globe and Mail
Hudson’s Bay Co. may be forced to close all of its stores and will begin liquidation sales as early as next week.
Canada’s oldest retailer announced late on Friday that “despite exhaustive efforts,” the company has been able to secure only limited financing “that will require the full liquidation of the entire business,” encompassing 80 department stores across Canada.
The Globe and Mail first reported earlier this week that Hudson’s Bay was working on a restructuring plan that could keep roughly half of the stores open, if it could secure financial assistance from its landlords.
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