Hudson's Bay Enters Creditor Protection

SOURCE www.npr.org
Hudson's Bay, Canada's oldest retailer, has entered creditor protection due to struggles with debt compounded by the pandemic, inflation, and trade tensions with the U.S. The company faces challenges in making payments to landlords, suppliers, and employees.

Key Points

  • Hudson's Bay, Canada's oldest retailer, is facing financial struggles and has entered creditor protection.
  • The high-end chain has been losing money and shoppers due to the pandemic, inflation, and trade tensions with the U.S.
  • The company is seeking to restructure its debt and regain financial stability.
  • Hudson's Bay historically known for striped wool blankets, now operates about 80 stores in Canada.
  • Parent company HBC controls multiple luxury chains including Saks Fifth Avenue.
  • High-end department stores have faced challenges across North America due to changing consumer behaviors and the rise of online shopping.