The Canadian department store group, a licensee of Saks Fifth Avenue, is expected to be liquidated after failing to pay off its heavy debt. With it goes not only Canada’s oldest retailer, but also North America’s oldest company, founded 350 years ago.
This is a major blow to the Canadian retail sector and to the country’s history.
Hudson’s Bay, the company founded in 1670 by two French fur traders and responsible for opening the first Canadian department stores in the early 20th century, is to be completely liquidated… unless there is a last-minute miracle. It was not only the oldest company in the country, but also in North America.
The Canadian retailer announced on Friday, April 25, that it would begin liquidating its last six stores (five Hudson’s Bay and one Saks Fifth Avenue), although it is still looking for a buyer or investor.
Little hope of survival
However, the chances of a positive outcome are slim, as the Canadian institution had already gone through a first stage that left little hope for survival.
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Read also > American department stores: Saks eyes Neiman Marcus
Featured photo: © Hudson’s Bay
