The fall of Hudson’s Bay and Saks Fifth Avenue Canada may give the impression that one of the hottest trends this year is the distressed look, but retail and insolvency experts say the company’s demise is part of a now-annual pitter-patter they expect to continue.
Since the COVID-19 pandemic, they’ve seen hundreds of retail businesses reach the brink every year. As a result, some restructured, others reduced their store count — and many closed for good.
What they’ve observed mirrors federal government data showing insolvencies and bankruptcies in the retail sector have been rising over the past four years after a roughly 25-year decline.
The latest data comes from April, when Canada recorded 56 insolvencies and 46 bankruptcies….
