A pedestrian passes the Hudson’s Bay store in downtown Calgary, on March 20.Jeff McIntosh/The Canadian Press
Hudson’s Bay Co. has informed some former senior executives that their pension payments will be cut, as the retailer continues to liquidate the majority of its stores and the future of the company hangs in the balance.
Last Friday, the retailer sent letters to participants in its “supplementary executive retirement plan” (SERP), saying that HBC is stopping all payments under the SERP. The trustee will now be initiating a wind-up of the plan, according to the letter, which was obtained by The Globe and Mail.
Hudson’s Bay sponsors two different pension plans, and the one affected by the cuts is a…
