Hudson's Bay, Canada’s oldest retailer, has filed for creditor protection as it seeks to restructure amidst significant economic pressures such as subdued consumer spending, U.S.-Canada trade tensions, and declining foot traffic in downtown stores post-pandemic. Established in 1670, Hudson's Bay operates 80 locations and manages three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada through a licensing agreement. Although the company has faced deterioration, including store closures and layoffs in recent years, it is exploring various strategic options while committing to preserve jobs where feasible.
Hudson's Bay, Canada's oldest retailer, has filed for creditor protection amid challenges caused by weakened consumer spending, trade tensions, and post-pandemic impacts.
Facing significant pressures, including subdued consumer spending and downtown store traffic declines, Hudson's Bay is exploring strategic options for business restructuring.
With its history dating back to 1670, Hudson's Bay operates 80 locations and a licensing agreement with Saks brands while ensuring some operations continue.
The company's deteriorating state has resulted in store closures and layoffs as it navigates challenging market conditions and seeks to preserve jobs.
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