Toronto Mayor Reacts to Hudson’s Bay Liquidation Threat

Toronto Mayor Olivia Chow has expressed deep concern over the potential liquidation of Hudson’s Bay, Canada’s oldest retailer, and a cherished institution for many Canadians.

In a shocking turn of events, lawyers representing Hudson’s Bay appeared in court on Monday to unveil their plans for a possible liquidation process, which could kick off as early as Tuesday and span up to 12 weeks. With 80 stores dotting the Canadian landscape, along with three Saks Fifth Avenue and 13 Saks Off 5th locations, the future of these beloved outlets hangs precariously in the balance.

“This is really sad news,” Chow lamented in an interview with CP24. “They struggled to survive the pandemic and couldn't quite recover. People have adapted to online shopping, and I think that has put such iconic retailers in a tough spot.”

The liquidation would not only signal the end of an iconic brand but would also have dire repercussions for the workforce, potentially resulting in the loss of approximately 9,364 jobs across the nation. Chow reflected on her own fond memories of shopping at Hudson’s Bay, mentioning how she used to gift cards from the store to friends and family.

Ontario alone is home to 32 Hudson’s Bay locations, including a flagship store situated at the bustling intersection of Queen and Yonge streets in downtown Toronto. While the fate of these physical stores is uncertain, Mayor Chow remains hopeful for a resilient resurgence. “Who knows? Maybe something new will take root from this,” she said, encouraging optimism amidst the turmoil.

Founded in 1670, Hudson’s Bay has a rich history and has been a staple in Canadian retail culture. The looming possibility of its demise has left many wondering what the future holds for department store shopping in Canada and what legacy will remain if the retailer ultimately closes its doors.

As the clock ticks on this critical situation, many are left anxiously watching for updates — will Hudson’s Bay be saved, or is this the end of an era? Stay tuned!