Hudson's Bay files for bankruptcy, shuts down operations
"After 355 years, it is time to say goodbye." With this message, Canadian department store chain Hudson's Bay is closing its doors for good. The company has filed for bankruptcy and is liquidating its assets, resulting in the loss of more than 9,000 jobs. It marks the end of an era for a historic retail institution: Hudson's Bay opened North America's first department store and was one of the continent's oldest continuously operating companies. Here is a look back at the rise and fall of this retail icon.
Hudson's Bay's origins trace back to 1670, when two French fur traders—known as coureurs des bois—founded the company with the backing of England's King Charles II. Pierre- Esprit Radisson and Médard Chouart des Groseilliers established several trading posts to collect and ship animal pelts, mainly beaver pelts. According to Quebec newspaper Le Devoir, these operations expanded with little "consideration for Indigenous populations."
The company's influence, driven by its exploitation of local land and maritime resources, soon extended from Canada's far north to as far south as San Francisco, playing a key role in shaping the economy of the so-called "New World."
As the Industrial Revolution and the decline of the fur trade reshaped the market, Hudson's Bay's trading posts gradually evolved into retail stores. From the 1880s onward, the company built a nationwide department store network. Over the decades, it acquired several Canadian chains, including Simpsons, Woodward's and Zellers, while its signature multi-colored stripes became an enduring emblem.
The company briefly ventured into Europe, acquiring Germany's Galeria Kaufhof in 2015 and taking over the Netherlands' V&D retail network in 2017. However, facing financial losses, Hudson's Bay divested its European operations by 2019.
Ninety-six stores affected
In Canada, Hudson's Bay's decline began over the past decade. The company operated 80 Hudson's Bay stores positioned in the upscale segment, along with three Saks Fifth Avenue stores and 13 Saks OFF 5TH outlets. Business further deteriorated after the pandemic, with the company citing the fast-changing retail landscape and elevated U.S. tariffs as key challenges.
Owned since 2008 by U.S.-based NRDC Equity Partners, the company sought creditor protection in April 2025 under Canada's Companies' Creditors Arrangement Act (CCAA), citing difficulties meeting its financial obligations. Headquartered in Toronto, Ontario, the company failed to secure funding for a potential restructuring and ultimately moved toward full liquidation.
In recent weeks, stores sold off remaining inventory ahead of a June 1 closing date. The closures led to 8,300 job losses across retail locations, with nearly 1,000 additional layoffs expected in offices and logistics centres by mid-June. Local media reported widespread emotion among longtime employees— some with three decades of service— and among customers who associate Hudson's Bay with family memories.
However, the brand name, emblems and logos will live on. In mid-May, Canadian retail group Canadian Tire acquired the rights for 30 million Canadian dollars (19 million euros).
A 'strategic and patriotic' choice
"It is difficult to witness the final days of another iconic Canadian retailer. While the circumstances are unfortunate, we are proud to step in for customers. This decision is both strategic and patriotic," said Canadian Tire president Greg Hicks. The company plans to integrate Hudson's Bay's signature stripes into its private label products and has reportedly submitted bids for several store leases.
Up to 28 store leases could also be transferred to Chinese billionaire Ruby Liu, a shopping centre owner planning to launch a new department store chain in Canada.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
LeMonde
2 hours ago
- LeMonde
The French government is stepping in to rescue Eutelsat
On Friday, June 20, President Emmanuel Macron is expected at the Paris Air Show in Le Bourget and aims to make the event a turning point for France and Europe's space strategy. "We are witnessing a dramatic acceleration of the space sector" that "is being privatized at breakneck speed with extremely ambitious projects, especially from the Americans, but also from Chinese players." It is also "becoming militarized very, very quickly," explained an Élysée adviser ahead of the president's midday speech from the "Paris Space Hub" – the Le Bourget hall devoted entirely to the sector. The war in Ukraine has highlighted Europe's dependence on Starlink, Elon Musk's satellite communications network. "Europe needs to "act independently, not be dependent on external solutions," the Élysée acknowledged. In this context, the government announced on June 19 that it would strengthen the state's stake in Eutelsat, the French satellite operator whose low-Earth orbit constellation is, for now, the only viable European alternative to Starlink. To achieve this, France's State Participation Agency (APE, the government's shareholdings agency) will take a major share in Eutelsat's €1.35 billion capital increase; the APE alone will contribute €717 million. At the same time, it will purchase the 13.6% stake currently held by Bpifrance, bringing its total holding to 29.9% – just below the threshold that would trigger a mandatory takeover bid for the entire company.
LeMonde
6 hours ago
- LeMonde
Kevin Durant buys minority stake in PSG, eyes global expansion with Qatari owners
NBA star Kevin Durant has purchased a minority stake in Champions League winner Paris Saint-Germain, the French soccer club said Friday, June 20. Qatar Sports Investments, PSG's majority shareholder, signed an investment and strategic partnership agreement with Durant, the club said in a statement. Financial terms were not disclosed. The announcement comes amid talks between the NBA, FIBA and other entities about the potential of adding a new league in Europe. Durant will provide expertise on the PSG's multi-port strategy, including potential expansion into basketball, the club said. "Under the terms of the partnership, Durant – via his media and investment company Boardroom, co-founded with long-time business partner Rich Kleiman – will acquire a direct minority stake in the club," PSG's statement said. The Phoenix Suns forward is a two-time NBA champion and became the first four-time men's gold medalist in Olympic basketball history when the US took gold at last summer's Paris Games . "It is an honor to partner with QSI and be a shareholder in Paris Saint-Germain – a club and city that is deeply close to my heart," the 36-year-old Durant said in comments provided by PSG. "This club has big plans and I look forward to being part of the next phase of growth and exploring new investment opportunities with QSI." As part of the deal, Boardroom Sports Holdings – Durant's personal investment vehicle, which holds stakes in a number of major sports teams and leagues – and QSI will join forces on a wide range of commercial, investment and content production initiatives. PSG added that Durant will support the club's diversification and growth strategy, as well as the club's development in the US and other international markets. "Together with Kevin, we look forward to developing ambitious initiatives that will drive the continued global growth of Paris Saint-Germain and QSI," PSG president Nasser Al-Khelaïfi said.
Local France
7 hours ago
- Local France
Big-name porn sites back online in France after age check row
France has gradually introduced requirements this year for all adult websites to have users confirm their age with details such as a credit card or ID document. The aim is to prevent minors from accessing pornography. But the Paris administrative tribunal on Monday suspended a government decree while investigating whether it was compatible with EU legislation. The French government has shared its intention to appeal to the Council of State, the country's highest administrative court. Advertisement The three platforms' owner, Aylo, said the decree's suspension was an "opportunity to reconsider more efficient approaches" to age verification. Aylo, based in Cyprus, had made its websites unavailable in France in early June as a protest against the French decree. Failure to comply could have lead to sanctions including fines or the blocking of the websites. Aylo argued that this was an ineffective mechanism that exposed people's data to bad actors, hacks or leaks. "Requiring you to repeatedly provide sensitive personal information creates an unacceptable security risk that we refuse to impose on our users," the company said in a message displayed on the sites' homepages earlier this month. About 40 percent of children in France access to porn sites every month, according to a 2024 study by France's Arcom audiovisual watchdog. In a bid to preserve privacy, the government decree also required operators to offer a third-party "double-blind" option that would prevent the platforms from seeing users' identifying information. Aylo, which reports seven million visitors in France daily across its various platforms, has called instead for governments to require makers of operating systems such as Apple, Microsoft and Google to verify users' ages at the level of individual devices. Advertisement The platform also argues that the French law "diverts users to thousands of sites that deliberately circumvent regulations" and fails to moderate videos for issues such as the age and consent of performers. Other countries such as the United Kingdom and Germany also enforce age-related access restrictions to adult websites.
