Toronto (with files from Canadian Press/CityNews) – The reality of the market.
The end is nigh.
On the heels where Canadian Tire has said that it will pay $30 million for intellectual property belonging to the retailer, which includes the Hudson’s Bay brand, its iconic, multicoloured stripes motif, its coat of arms and other brand trademarks, the ugly part of closure is coming.
Hudson’s Bay is set to close all its stores and terminate more than 8,000 employees by Sunday.
The company filed a motion on Monday evening detailing that, once the liquidation process is complete, it will eliminate 89 per cent of its workforce by June 1.
The motion states that approximately 899 of the remaining employees are expected to be terminated on or around June 15, while some will remain to assist with the store closures.
Hudson’s Bay filed for creditor protection in March, saying it was having significant trouble paying its bills because of factors including a slow recovery from the pandemic, lower downtown traffic, and the tariff war with the U.S.
HBC started in 1670 as a fur trading enterprise.
