Latest news with #LeDevoir
Fashion Network
12-06-2025
- Business
- Fashion Network
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. 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 centers 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 center owner planning to launch a new department store chain in Canada.
Fashion Network
12-06-2025
- Business
- Fashion Network
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. 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 centers 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 center owner planning to launch a new department store chain in Canada.
Fashion Network
12-06-2025
- Business
- Fashion Network
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.
Yahoo
30-05-2025
- Automotive
- Yahoo
Tesla registrations down 90 per cent in Quebec in 1st quarter of 2025
Quebec EV buyers' relationship with Tesla is showing signs of souring as sales in the province plummeted in the first quarter of 2025. Only 524 Teslas were registered in Quebec between Jan. 1 and March 31, according to Quebec's auto insurance board, the Société de l'assurance automobile du Québec. That's a 90 per cent drop from the previous quarter when 5,097 of the electric automaker's cars were registered in the province, as first reported by Le Devoir. The data, also obtained by CBC News, shows that Tesla registrations in Quebec — Canada's largest EV market, including for Tesla — rose 30 per cent from 2023 to 2024 before nosediving in early 2025. And though CEO Elon Musk and his involvement in the Trump administration has "absolutely" had an impact on sales, says Daniel Breton, president of Electric Mobility Canada, the reasons go beyond a general dislike of the EV company's founder, with tariffs and rebate cutbacks likely contributing to the decline. The federal EV rebate program Incentives for Zero-Emission Vehicles (iZEV) ended March 31, and Quebec's program was paused between Feb. 1 and April 1. Quebec-based EV buyers used to be able to stack the rebates, benefitting from as much as $12,000 off the cost of a new vehicle. "Some dealers told me that … basically the message was, well, wait until April," said Breton, whose group is focused on advocacy for electric transportation. "Because the [provincial] rebate was about to come back." Breton believes more fulsome data for the same time period will show that Tesla isn't the only EV maker to take a hit in Quebec's market. According to preliminary S&P Global data, electric vehicle registrations in Quebec declined 65 per cent. Also hurting sales could be the 25 per cent tariff on U.S.-made EVs, including Tesla, Rivian and Lucid cars, imposed by the federal government in response to U.S. President Donald Trump's levies. "Now that the [Quebec] rebate is back, we'll see what happens with the sales of EVs in general and Tesla in particular," said Breton, who has owned a Model 3 Tesla for four years. "I'm really disappointed in what Elon Musk has been doing for the past year or two. So I hope that they find a way to resolve this," he said. "To me, Elon Musk is really hurting the brand." The combined effect of Musk's politics and tariffs have been felt outside of Quebec, with Tesla sales dropping 49 per cent year-over-year, according to the European Automobile Manufacturers' Association. WATCH | Tesla and Canadian politics: In addition to working for the Trump administration, which has repeatedly threatened Canadian sovereignty and imposed damaging tariffs that have upended financial markets, Musk has made dismissive comments about Canada, including saying on X — the social media platform he owns — that it is "not a real country." He has also faced significant criticism for amplifying and endorsing racist and antisemitic conspiracy theories on X and made a gesture at Trump's inauguration many interpreted as a Nazi salute. And Tesla is also under investigation in Canada after the company claimed to have sold 8,653 vehicles in the last three days of the federal rebate program, which would have amounted to $43 million in rebate claims. That questionable number raised suspicions, leading to the probe by the federal government. Despite some of the current concerns, Anne Picard, a Tesla Model Y owner from Dorval, Que., has owned two Teslas for eight years — and says she wouldn't buy anything else. "I don't have enough trust in [other companies] to give the same level of reliability," she said. She said anyone who can should buy an electric vehicle and believes EV consumers should separate their political convictions from their consumer decisions. "The electric vehicle wouldn't be what it is today if it weren't for Elon Musk," said Picard, who works in IT project management, after parking her Tesla at Montreal's Jean Talon Market. Philippe Bergeron Bélanger, who was charging his electric Audi Q4 in Montreal's Plateau neighbourhood Thursday, said he, too, tries to "leave politics out of my choices," but he won't be replacing his car with a Tesla when its lease is up in a year and a half. Chinese EVs once provided an affordable alternative, Bergeron Bélanger noted, but not since Canada slapped more than 100 per cent tariffs on those cars. "I don't feel like having an awkward debate at family dinners or with friends. Otherwise, [Tesla] probably would have been in my top three," said Bergeron Bélanger, who is a managing partner at an investment firm and says he doesn't agree with Musk's actions but is making the choice more based on how polarizing owning the car itself has become. Picard, on the other hand, believes that will blow over soon — if it hasn't already. "C'est un feu de paille," she said, using a French expression that translates to "straw fire" and is the equivalent of "a flash in the pan." Breton says there's no way to know right now whether the Musk backlash will have lasting effects, saying the next quarter will start to paint a fuller picture.
Montreal Gazette
09-05-2025
- Politics
- Montreal Gazette
Quebec professors demand minister's resignation over ‘attack on academic freedom'
Quebec Politics By More than 750 professors at CEGEPs and universities across Quebec have signed an open letter demanding the resignation of Higher Education Minister Pascale Déry, accusing her of restricting academic freedom and 'contributing to the worrying wave of political repression and ideological censorship sweeping through our societies today.' In a letter published in Thursday's Le Devoir newspaper, the professors say Déry's questioning of administrators at four Montreal CEGEPs that offer courses discussing Palestine, and her ongoing investigation into the tense climate at Dawson and Vanier colleges, are a 'direct attack on the autonomy of CEGEPs and their teaching staff.' They demand the minister immediately call off the investigation and resign from her cabinet post. They also call on the entire college and university community 'to mobilize to firmly defend pedagogical autonomy, academic freedom and government transparency, which must be pillars of higher education and democracy.' Déry's press attaché, Simon Savignac, told The Gazette on Friday afternoon that the minister has no intention of resigning, but will not comment further on the issue until the investigation she called into the climate at Dawson and Vanier, is complete, probably sometime in June. Savignac confirmed that the minister met in late August with the directors of four CEGEPs — Saint-Laurent, Dawson, Vanier and Gérald Godin — as well as two officials from the Fédération des cégeps. He insisted however that Déry gave no directives about the content of any courses, and only asked questions about the climate on those campuses. Savignac said the authors of the letter erred in one paragraph of the open letter, by suggesting that at that Aug. 29 meeting, Déry tried to interfere with the content of courses taught at the CEGEPs. The letter says: 'By summoning the administrators of four Montreal CEGEPs to question the content of courses discussing Palestinian authors and by launching an opaque ministerial investigation into the 'tense climate' at Dawson and Vanier colleges, citing complaints that were never brought to the attention of the relevant administrations, Ms. Déry is taking an exceptionally serious action. This so-called 'administrative' investigation, political in its motivations, constitutes a direct attack on the autonomy of CEGEPs and their teaching staff.' In December, Déry announced that her ministry would investigate complaints from students at Dawson and Vanier to determine whether the colleges were ensuring the 'physical and psychological well-being of students.' She cited alleged bullying and concerns about some teachers' actions amid heightened tensions related to the Israel-Hamas war. At the time, the Centre for Israel and Jewish Affairs, an organization on whose board Déry once sat, welcomed the inquiry, denouncing a 'disturbing pattern of hate' and 'vitriolic attacks on our shared values taking place in our educational institutions.' At the National Assembly on April 29, Déry defended her actions saying: 'What is important is to manage a climate on certain campuses that is problematic, even toxic. This is the reason that we launched this investigation, and I took some time before launching it. It is an investigation where we received many complaints.' She added that the investigators have 150 days to submit a report to her. But the authors of the letter write that Déry's actions undermine the very foundations of higher education. 'The mission of higher education cannot be subordinated to partisan interests nor to a logic of political control. The professional freedom of teachers, like freedom of expression and critical analysis in the classroom, is essential to the intellectual and civic education of students. By undermining these foundations, the Minister is undermining the credibility and integrity of the entire college network, her legitimacy as minister, the psychological safety of professors, and the trust that the teaching staff should be able to place in her.' The original authors of the letter are Hamza Tabaichount and Dominique Sauvé, both of Collège Montmorency, Natalie Kouri-Towe of Concordia University, Crina Bondre Ardelean of Champlain College, Tanya Rowell-Katzemba of John Abbott College, and Vincent Romani of Université du Québec à Montréal (UQAM).
