Hudson's Bay Company, one of North America's oldest retail landmarks, is preparing to liquidate its entire business, marking what could be the end of its storied 355-year history. The announcement, made late Friday night, revealed plans for liquidation could begin as early as the week of March 17, 2025, subject to court approval. The retail giant aims to complete the process by June 15, 2025.
Despite the grim outlook, Hudson's Bay executives expressed hope for financial assistance from key stakeholders. "Our team has worked incredibly hard to identify a viable path forward, and our resolve is strengthened by the overwhelming support from customers and associates," stated Hudson's Bay president and CEO Liz Rodbell. Unfortunately, discussions around restructuring have failed to produce the necessary capital to avoid this unprecedented step.
On March 15, 2025, employees across Hudson's Bay locations were left reeling from the announcement. Staff members at the Hudson’s Bay Market Mall location in Calgary were seen reflecting solemnly on what this decision means for their futures. One long-time employee lamented, "It’s pretty emotional for everyone; we were always hopeful." Many others speculated openly about the company's fate, with thoughts of closing dates looming heavily over the workforce, comprised of about 9,364 staff members nationwide, who may soon find themselves unemployed.
Signs of distress within the company have been apparent for several months now. Reports indicate frequent disruptions, with some outlets struggling to maintain basic services; for example, the sliding glass doors at the north entrance at some locations are nonfunctional due to lack of maintenance. The Bay's troubles have hit home for many; customers and employees alike voiced their heartbreak over the potential loss of such a staple of Canadian culture.
The Hudson's Bay Company's history is steeped deeply within the fabric of Canada; not only has it served as a retail haven, but it's also held nostalgic significance for many citizens. Gary Long and his partner, Darlene Selby, who were at the Market Mall browsing familiar patterned blankets, expressed their sadness over the impending closure. “This chain was integral to our childhood and family traditions; it feels like losing part of our history.”
Hudson's Bay filed for creditor protection under the Companies' Creditors Arrangement Act (CCAA) less than two weeks prior to the liquidation announcement, citing significant financial troubles. The company owes approximately $950 million to nearly 1,900 creditors, including notable brands such as Ralph Lauren and Estée Lauder, who are now facing potential losses of their own.
Experts predict the closure will leave significant voids within the shopping mall space, particularly as the Bay has been regarded as one of Canada’s retail anchors. Bruce Winder, a retail analyst, noted, "It’s going to leave a significant-sized hole; the Bay from a legacy standpoint was an anchor and there isn’t an heir apparent to take their place.” With declining foot traffic and changing consumer habits favoring online shopping, the turn of events for Hudson's Bay seems almost emblematic of larger trends impacting traditional retailers.
Through this turmoil, the affect on employees is palpable, particularly for those who have dedicated decades to the company. Dwayne Gunness, president of Unifor Local 40, expressed concerns about what this means for the employees' pension plans and severance packages. “Some members have put 20, 30 years with the employer, and they fear they may not receive the compensation owed to them,” he pointed out.
Customers have already begun preparing for the worst, with many taking advantage of upcoming liquidation sales to secure mementos. Corey Gordon and his wife, who drove hours from St. Paul on March 14, expressed their commitment to benefit from the Bay's offerings, purchasing items like Hudson's Bay blankets and dishes. For Gordon, this store is steeped with memories: "My uncle, who was more like a grandfather, was a Winnipegger. I have been coming here all my life.”
The emotional weight carried by shoppers and employees reflects not just the loss of income—it's about losing the heart of communal shopping and social connection often found within such historic establishments. Today, as customers flock to their local Hudson's Bay stores for what may be their final purchases, the sentiment is clear: the closing of Hudson's Bay is more than just another retail business disappearing; it’s the fading of shared experiences woven through generations.
Even amid all the uncertainty, there lies the potential for some restructuring. The company has reportedly secured $16 million of debtor-in-possession (DIP) financing, which could bolster the company’s last-ditch efforts to sidestep total liquidation, providing there is sufficiently positive engagement from landlords and investors. If there is even the smallest glimmer of hope for keeping parts of the company afloat, it would require significant backing.
Retail characterized by brick-and-mortar establishments is at several turning points; Hudson's Bay serves as both the cautionary tale and rallying point for what remains. The very fabric of shopping experience, relationships formed within these walls, brings with it the stark realization—retail is transforming, and the loss of such giants could signify the end of what many longtime shoppers cherished.
With the impending timeline for liquidations—marking the close of what many have regarded as their retail home—there is little time left for customers and employees alike to adjust to the reality of delivering final goodbyes to their beloved Hudson's Bay stores.