Hudson’s Bay Chain Faces “Immediate Liquidation”

The CBC reports:

Hudson’s Bay Company is nearly a billion dollars in debt, according to court filings that paint a dire portrait of the struggling Canadian department store chain’s finances. The documents were submitted as part of its creditor protection filing last week. The company owes a total of $950 million to nearly 2,000 secured and unsecured creditors.

Some experts say The Bay’s decline began long before the pandemic, tracing its issues back to its 2008 acquisition by the American investment firm NRDC Equity Partners, and saying that the company’s new ownership prioritized its real estate over a cohesive retail strategy.

The company’s lack of investment in its stores became evident in recent years, with floors understaffed, escalators and elevators in disrepair and faulty HVAC systems leading to temporary closures

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