this post was submitted on 17 Mar 2025
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Hudson's Bay liquidation of all stores could start as soon as Tuesday (www.cbc.ca)
submitted 2 days ago by HellsBelle@sh.itjust.works to c/canada@lemmy.ca
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A liquidation plan at Canada's oldest company could begin at all of its locations as soon as Tuesday and last for up to 12 weeks, but Hudson's Bay is still holding out hope that it will find a lifeline.

Lawyers for the beleaguered retailer said in an Ontario court Monday morning that if approved by the judge, the liquidation would span 80 stores as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.

The process Hudson's Bay is proposing would allow the retailer to remove some stores from the liquidation, should it find sufficient financing during the 10 to 12 weeks when lawyer Ashley Taylor expects the company to offload its inventory.

"A quick start will maximize the value of the business ... and preserve whatever chance there is of a restructuring," Taylor told Ontario Superior Court Judge Peter Osborne in a hearing at a Toronto courtroom Monday.

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[–] swordgeek@lemmy.ca 14 points 2 days ago (1 children)

Well, it's going out of business because it's owned by an American real-estate hedge fund who has been deliberately driving it into the ground.

At the end of the day, all of that retail real estate is going to be parcelled up and leased to other companies - probably American.

There are no more Canadian department stores. Woodwards, Eaton's Simpsons-Sears, Zellers, Woolco, and now The Bay. They've all been destroyed by Walmart and Amazon. Beaver, Rona, and Peavey Mart are all destroyed or consumed by Lowe's and Home Depot.

The primary driver of retail in Canada is now American hedge and venture capitalism, which inherently harms consumers and employees. This is not going to make things better for anyone except the obscenely wealthy.

[–] Rentlar@lemmy.ca 5 points 1 day ago

Home Hardware is a Canadian hardware store chain locally owned and operated by franchisees.

And the one at Parkway Mall on Ellesmere Road in Toronto, sells out-of-season candy for cheap, lol.