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Toronto – Death Knell for the oldest company in Canada.
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Hudson Bay announced late on Friday evening that unless he finds a more applicable path, he will start liquidating his entire work as soon as possible next week, which endangers more than 9000 jobs.
The chain of stores dating back to 1670 and now extends 80 stores that it was forced towards a complete liquidation because the “comprehensive” efforts did not highlight the financing it needs to maintain some of its empire at least.
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The closure of the entire company, which is planned pending the appearance of the court specified on Monday, means jobs in jobs for 9364 employees with the company in Canada through its stores in Hudson Bay, in addition to three SAKS FIFTH Avenue and 13 SAKS outside the five sites it owns through the licensing agreement.
Although the situation appears to be dark, the company maintains hope in Mary cold. He said that he remains optimistic that he could refine the capital and find a solution with the main stakeholders, especially real estate partners, to avoid complete closure.
“Our team has worked incredibly hard to determine a viable path forward, and our solution is strengthened through overwhelming support from clients and partners who have shared heart stories about the Gulf of Hudson and what our stores mean to them, their families and their societies across generations,” and Speaker and Speaker of the House of Representatives in Hudson Liz Rudpel.
“These strong experiences remind us of why we should continue to follow every possible opportunity to secure the necessary support from the main owners and other stakeholders to save the Gulf.”
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The company's appeal to help approximately a week after its financial struggles to request the protection of creditors it submitted with the Supreme Court of Justice in Ontario.
In its implementation, Hudson Bay said it is facing financial conflicts due to the subject of consumer spending, commercial tensions between the United States and Canada, and post -birth declines in the city center.
Deposits show that the company condemns more than $ 950 million to 26 pages of creditors included in the list: owners, suppliers and other partners, including heavy fashion Ralph Lauren, Chanel, Colombia Sport, Diesel, Este Lauder.
Jennifer Billy, financial manager of Hudson Bay, said in the court file that was held on March 7 that the company should postpone some payments to these companies for several months because it faces a lot of trouble in paying payments to the owners, service providers and sellers.
The situation was so severe that she said that the owner was “illegally closed” Hudson Bay from a store in Sydney, NS and a team of civilizations.
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The March 7 profile was not supposed to be a prelude to closing the company because Hudson Bay was determined to keep the company alive and as much as it could have the sprawling fingerprint.
After one week, the company finds itself more clearly. She said that the liquidation of the store is necessary because it only obtained a “limited” financing for the debtors-a form of capitalist companies that can seek the purposes of restructuring after it takes the procedures for protecting creditors.
Hudson Bay laid the basis for the state of protection from creditors when the Sachs sites in the United States were woven into a separate entity last year after luxury stores bought Niman Marcus and Berjdorf Godman, which mainly provides them with the imminent closure that was now appointed to HBC in Canada.
The full liquidation in Canada will not plunge a large part of the country's workforce in the country in unemployment, but it will also leave spaces for tenants in shopping and real estate centers in high -movement shopping areas that need filling.
The sites where the Hudson Bay operates on several floors and forms much more square clips than other retail companies.
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The largest part of the company's stores is in Ontario, where it has 32 locations and more than half of its employees. BC 16, Alberta and Kepeck host each of 13 years, have Manitoba, Nova Scotia and Saskatchwan in each province.
Canadian websites are divided into Saks Fifth Avenue between Ontario, Alberta and Sachs outside 5 stores in Ontario, BC, Alberta, Quebec and Manitoba.
While the coastal fingerprint to the coast and its origins in the fur trade in the seventeenth century made it an essential part of Canada's fabric, the Americans led it several decades ago.
American real estate stock partners have bought Richard Baker's National Real Real Estate.
Baker did the audience in 2012, then he turned it back again with an acquisition that had to be strengthened twice to win the approval of the shareholders in the weeks before Canada's strikes with Kovid -1 in the shared.
It was difficult to partially calm the shareholders because Baker headed HBC as his shares decreased – but many believed that the company was still carrying an enormous value in its property.
When he got his approval, he admitted that the brand has a job to do.
He said in March 2020: “It will take the patient's capital and a long -term vision to fully launch HBC capabilities at the intersection of real estate and retail.”
A handful of store closure and partial demobilization over the past two years indicates that the capabilities were not easy because their competitors like his Canadian Simon colleague SIMON and online like Amazon fill sales.
This report issued by the Canadian press was published for the first time on March 14, 2025.
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