Hudson’s Bay Company, Canada’s venerable department store chain and the oldest corporation in North America, will begin to liquidate its entire business next week.
The Toronto-based company said Saturday that it filed documents with the Ontario Superior Court of Justice indicating that it was only able to secure limited debtor-in-possession financing, necessitating the liquidation of the entire business. The company said it made “exhaustive efforts to secure sufficient financing” to keep operating, but was unable to.
“A store-by-store liquidation process will begin as soon as next week,” the company said Saturday.
While the liquidation appears inevitable, Hudson’s Bay is holding out some hope for a…
