Hudson’s Bay in Richmond Centre in Richmond, B.C., on March 27. Hudson’s Bay Company announced on March 21 that all but six of its locations across Canada would be liquidated after the company filed for credit protection.Isabella Falsetti/The Globe and Mail
After the 2017 liquidation of Sears Canada Inc., thousands of retirees’ pensions were slashed because the company’s pension plan was underfunded. That case helped push for stronger legal protections, and in 2023, a federal bill was passed to prioritize pensioners in bankruptcies.
But the protections under Bill C-228, which takes effect in 2027, don’t cover all pensions. Some retirement plans are still unregulated and unprotected, leaving retirees…
