Despite holding out hope it can avoid a full shutdown, Hudson’s Bay says it is planning an “immediate” liquidation that would begin next week and wrap up in June.
In a late Friday announcement, Canada’s oldest company said it couldn’t secure the necessary financing to keep at least some of its empire alive.
A closure of the entire business, which is planned pending a court appearance set for Monday, would mean job losses for 9,364 employees the company has in Canada across its Hudson’s Bay stores, as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations it owns through a licensing agreement.
Though the situation looks bleak, the company said it remains optimistic it can drum up capital and find a solution…
