Editing Hudson's Bay Company (section)

=== Liquidation and closure of department stores ===
On March 7, 2025, [[Hudson's Bay (department store)|Hudson's Bay]] warned that it would be preparing to file for creditor protection, months after departing from the newly formed [[Saks Global]]. The company stated it failed to secure financing and that it had constant delays in paying suppliers.<ref name="BloombergNews1">{{Cite web |last1=Basu |first1=Reshmi |last2=Sambo |first2=Paula |date=March 7, 2025 |title=Canadian Retailer Hudson's Bay Prepares to File for Bankruptcy |url=https://www.bloomberg.com/news/articles/2025-03-07/canadian-retailer-hudson-s-bay-prepares-to-file-for-bankruptcy |url-access=subscription |access-date=March 7, 2025 |website=[[Bloomberg News]] |language=en}}</ref> That same day, Hudson's Bay filed for creditor protection in Canada under the ''[[Companies' Creditors Arrangement Act]]''.<ref>{{Cite web |last1=Caruso-Moro |first1=Luca |last2=Raaj |first2=Aarjavee |last3=Chaya |first3=Lynn |date=2025-03-08 |title=Hudson's Bay files for creditor protection |url=https://www.ctvnews.ca/business/article/hudsons-bay-files-for-creditor-protection/ |access-date=2025-03-08 |website=[[CTV News]] |language=en}}</ref><ref>{{Cite press release |title=Hudson’s Bay Company ULC, the Operator of Hudson’s Bay Stores and TheBay.com, Initiates Restructuring Proceedings Under CCAA in Response to Canadian Retail Industry Challenges |date=2025-03-07 |publisher=[[Business Wire]] |location=Toronto |url=https://www.businesswire.com/news/home/20250307260606/en/Hudsons-Bay-Company-ULC-the-Operator-of-Hudsons-Bay-Stores-and-TheBay.com-Initiates-Restructuring-Proceedings-Under-CCAA-in-Response-to-Canadian-Retail-Industry-Challenges |access-date=2025-03-28|archive-url=https://web.archive.org/web/20250322094647/https://www.businesswire.com/news/home/20250307260606/en/Hudsons-Bay-Company-ULC-the-Operator-of-Hudsons-Bay-Stores-and-TheBay.com-Initiates-Restructuring-Proceedings-Under-CCAA-in-Response-to-Canadian-Retail-Industry-Challenges|archive-date=2025-03-22}}</ref> Jennifer Bewley, CFO of the company, stated that Hudson's Bay was days away from being unable to meet payroll obligations if it failed to receive funding, which could lead to lease defaults and possible store closures.<ref name="CBC1">{{citation|title=Hudson's Bay files for creditor protection, intends to restructure business|url=https://www.cbc.ca/news/business/hudsons-bay-creditor-protection-1.7477926|date=2025-03-07|access-date=2025-05-09|work=[[CBC News]] website|agency=The Canadian Press|archive-url=https://web.archive.org/web/20250312191837/https://www.cbc.ca/news/business/hudsons-bay-creditor-protection-1.7477926|archive-date=2025-03-12|quote=Bewley said the company would be days away from failing to meet its payroll obligations, if it doesn't receive more funding. It has 9,364 employees, the court filing says.}}</ref> The Bay initially appeared intent on keeping many of its retail locations open.<ref name="CBC1" /> Also, as part of the initial plan, [[Saks Fifth Avenue]] and [[Saks Off 5th]] locations in Canada would remain operational during the proceedings, while Saks Global was not a part of the bankruptcy filing.<ref name="CBC1" />

Later in March 2025, HBC announced that it would liquidate and shutter 74 Hudson's Bay and 2 Saks Fifth Avenue stores, and all 13 outlets of Saks Off 5th in Canada, leaving over 9,000 jobs in peril and only 6 locations in Ontario and Quebec remaining.<ref name="Insider-2025-03-21">{{Cite web |last=Patterson |first=Craig |date=21 March 2025 |title=Hudson’s Bay to Liquidate Most Stores, Six Stay Open |url=https://retail-insider.com/retail-insider/2025/03/hudsons-bay-to-liquidate-most-stores-six-may-survive/ |access-date=2025-03-28 |website=Retail Insider}}</ref> Liquidation sales began on March 24, with locations to be permanently shuttered by June.<ref>{{Cite web|url= https://www.businesswire.com/news/home/20250314532147/en/Hudsons-Bay-to-Undergo-Full-Liquidation-Unless-an-Alternative-Solution-Emerges|title= Hudson’s Bay to Undergo Full Liquidation Unless an Alternative Solution Emerges|date=14 March 2025|access-date=17 March 2025|website=Business Wire|language=en}}</ref><ref>{{cite news |last1=Harris |first1=Sophia |title=Hudson's Bay's demise marks the death of the traditional department store in Canada |url=https://www.cbc.ca/news/business/hudon-s-bay-department-store-1.7486167 |agency=CBC News |date=March 18, 2025}}</ref> On April 23, due to court rulings deeming it "low probability" to find a buyer to keep the remaining 6 stores afloat, HBC announced the liquidation, effective April 25, of all Hudson's Bay stores including the ones initially spared.<ref>{{cite news|last=Deschamps|first=Tara|date=April 23, 2025|title= Hudson’s Bay will liquidate last 6 remaining stores, court filing says|url=https://globalnews.ca/news/11146195/hudsons-bay-liquidating-remaining-6-stores/|work=[[Global News]]|publisher=Global News|access-date=April 24, 2025}}</ref><ref>{{cite news|last=Deschamps|first=Tara|date=April 25, 2025|title=Hudson’s Bay liquidation begins at final stores with markdowns of up to 70 per cent|url=https://globalnews.ca/news/11149066/hudsons-bay-liquidation-final-stores-ontario-quebec/|work=[[Global News]]|publisher=Global News|access-date=April 25, 2025}}</ref>

By May 2025, Hudson's Bay Company was soliciting bids for its leases, intellectual property and real estate, as part of the court-supervised liquidation process.<ref name="TorontoStar1">{{citation|author1-last=Ren|author1-first=Estella|title=Hudson’s Bay expects liquidation sales to continue through May, confirms no insider bid has been received|website=[[Toronto Star]] website|url=https://www.thestar.com/business/hudsons-bay-expects-liquidation-sales-to-continue-through-may-confirms-no-insider-bid-has-been/article_25eee5dc-3815-4ba2-835b-9a155c6431f9.html|date=2025-05-07|access-date=2025-05-09|archive-url=https://web.archive.org/web/20250509204924/https://www.thestar.com/business/hudsons-bay-expects-liquidation-sales-to-continue-through-may-confirms-no-insider-bid-has-been/article_25eee5dc-3815-4ba2-835b-9a155c6431f9.html|archive-date=2025-05-09|quote=Earlier this week, the Ontario Superior Court of Justice overseeing the liquidation of Hudson’s Bay appointed a law firm to represent the company’s active and retired non-unionized employees.}}</ref><ref name="TorontoStar2">{{citation|author1-last=Ren|author1-first=Estella|title=Hudson’s Bay receives 17 bids for some of its leases, IP and real estate|website=Toronto Star website|url=https://www.thestar.com/business/hudsons-bay-receives-17-bids-for-some-of-its-leases-ip-and-real-estate/article_993d3daf-bb60-4f67-95fb-29de737cea6c.html|date=2025-05-09|access-date=2025-05-09|archive-url=https://web.archive.org/web/20250509203015/https://www.thestar.com/business/hudsons-bay-receives-17-bids-for-some-of-its-leases-ip-and-real-estate/article_993d3daf-bb60-4f67-95fb-29de737cea6c.html|archive-date=2025-05-09|quote=Hudson’s Bay will return to court next Tuesday to seek court permission to extend creditor protection until July 31 to complete the liquidation and sale of its assets.}}</ref> On May 9, in a court filing, HBC explained that several bids for property leases had been received, including 12 qualified bids for 39 leases (with no qualified bids for another 62 leases).<ref name="TorontoStar2" /> The company also received 17 bids for other assets, and was determining which bids would be deemed qualified, and whether to hold a private auction among those qualified bidders around May 16.<ref name="TorontoStar2" /> On May 15, ''[[The Globe and Mail]]'' reported that, according to its confidential sources, [[Canadian Tire]] would be acquiring some of HBC's intellectual property, including the stripes pattern, on undisclosed terms.<ref name="GlobeAndMail1">{{citation|author1-last=Krashinsky Robertson|author1-first=Susan|title=Canadian Tire to buy Hudson’s Bay stripe design, other intellectual property|website=[[The Globe and Mail]] website|url=https://www.theglobeandmail.com/business/article-canadian-tire-to-buy-hudsons-bay-stripe-design-other-intellectual/|date=2025-05-09|access-date=2025-05-15|archive-url=https://web.archive.org/web/20250515212244/https://www.theglobeandmail.com/business/article-canadian-tire-to-buy-hudsons-bay-stripe-design-other-intellectual/|archive-date=2025-05-15|quote=Canadian Tire is one of the successful bidders chosen in a process to sell off pieces of the Hudson’s Bay business, according to two sources familiar with the matter. The Globe and Mail is not naming the sources because they were speaking about a confidential process.}}</ref><ref>https://toronto.citynews.ca/2025/05/15/hudsons-bay-to-sell-brands-to-canadian-tire-for-30-million/</ref> Canadian Tire will pay $30 million for the deal. The HBC will also auction off 4,400 pieces of art and artifacts including the 1670 royal charter. The auction will be run by Heffel Gallery.