Hudson’s Bay says it has notified about 200 of its staff working in corporate roles that their employment will be terminated next week.

Company spokesperson Tiffany Bourré said Friday that the move is a result of the restructuring process underway at the department store chain after it filed for creditor protection earlier in the month.

“This is a difficult reality of the restructuring process, and we are committed to treating associates impacted by these changes with respect and support,” she said in a statement confirming Friday’s cuts.

Bourré said the 200 or so jobs will be eliminated as of April 4.

Court documents filed as part of the creditor protection process show the company had 533 workers in corporate roles at the end of…

(OSV News) — When God instructed Moses how to declare a Jubilee Year — “And you shall hallow the fiftieth year and you shall proclaim liberty throughout the land to all its inhabitants. It shall be a jubilee for you” (Lv 25:10) — the commanded celebration was to include forgiveness of debt.

It is an ancient social justice principle still encouraged during the current Jubilee Year, inaugurated by Pope Francis on Christmas Eve 2024. In his New Year’s address, the pontiff made the emphasis clear: “The first to forgive debts is God, as we always ask him when we pray the Lord’s Prayer. … And the Jubilee asks us to translate this forgiveness on a social level, so that no person, no family, no population is crushed by…

Hudson’s Bay has begun liquidating all but six of its stores after the company filed for creditor protection earlier this month.

Here’s how the process is unfolding so far:

Hudson’s Bay is liquidating all but six of its stores. It has 80 stores under the Hudson’s Bay banner, as well as the three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.

The six stores being saved – for now — are the flagship location on Yonge Street in Toronto, as well as a store in the city’s…

TORONTO, March 28, 2025 /CNW/ — Store Closing Sales have begun at most Hudson’s Bay Company (“HBC”) locations while it seeks to restructure its business. Participating in this sale are 73 Hudson’s Bay stores across the country, in addition to 2 Saks Fifth Avenue and 13 Saks OFF 5TH stores in Canada.

This announcement follows HBC’s filing under the Companies’ Creditors Arrangement Act (CCAA) and subsequent approval by an Ontario court to move forward with the commencement of liquidation of 88 stores.

Seritage Growth Properties, the REIT that was formed to sell off shuttered Sears department stores, will have new leadership for the process’s final stages.

Bisnow/Cameron Sperance

Andrea Olshan in 2017 during her tenure as CEO of Olshan Properties.

Seritage CEO and President Andrea Olshan is leaving the company next month, the…

“This is a difficult reality of the restructuring process, and we are committed to treating associates impacted by these changes with respect and support,” Tiffany Bourré, spokesperson for HBC, told the Globe.

Earlier this month, Hudson’s Bay secured protection under the Companies’ Creditors Arrangement Act. More recently, a court authorized the retailer to begin liquidation sales.

While corporate layoffs are underway, store employees are being retained to manage clearance events. Both physical stores and the company’s e-commerce platform remain operational. As of late March, liquidation sales had commenced in 73 of the Bay’s 80 locations, along with two Saks Fifth Avenue and 13 Saks OFF…

Montreal textiles manufacturing company SRTX has raised roughly US$40 million from key investors in a deal that would see founder Katherine Homuth step down as CEO, The Logic has learned, as the company works to stave off an insolvency that some expect could otherwise come as soon as next month.

Debt is a growing problem. The latest consumer data shows that total household debt has surpassed $18 trillion and consumers owe a record $1.21 trillion in credit card debt. With so many consumers owing so much, some may be wondering: Is now the time to get help with my debt?

Knowing the answer to that question is a lot easier if you periodically reflect on your financial health. In doing so, you give yourself a financial check-up that…

Hudson’s Bay Co. has terminated the jobs of nearly 200 corporate employees – the first in what is expected to be a wave of job losses as the retailer liquidates the majority of its stores.

On Friday, the company informed roughly half of the employees at its corporate offices that their last day would be next Friday, April 4.

“This is a difficult reality of the restructuring process, and we are committed to treating associates impacted by these changes with respect and support,” Tiffany Bourré wrote in a…

By Surendra Raj Gang

On February 4, the Insolvency and Bankruptcy Board of India (IBBI), issued a discussion paper on proposed amendments for solutions to operational challenges encountered in the Corporate Insolvency Resolution Process (CIRP) and the liquidation process under provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). One of the proposed amendments is to do away with provisions on the “sale of the corporate debtor (CD, or the insolvent company to be liquidated) as a going concern” in the liquidation regulations. Liquidation is generally understood to be a permanent closure. However, the sale of CD as a going concern under liquidation is innovative. This would provide a last resort to safeguard entities from…