Hudson's Bay is heading to court seeking approval for a full liquidation of its operations, a move that threatens over 9,000 employees. The century-old department store cites unsuccessful financing efforts for its decision, aiming to complete the liquidation by June 15. Recent court documents reveal Hudson's Bay is nearly $1 billion in debt, struggling with only $3 million available to pay its employees. Challenges include sluggish consumer spending and reduced foot traffic in downtown areas post-pandemic, alongside trade tensions impacting operations. The company remains hopeful for a rescue plan involving key stakeholders, especially its landlords.
Hudson's Bay Company is facing a full liquidation that could risk over 9,000 jobs due to severe financial distress and inability to secure necessary funding.
Documents reveal Hudson's Bay holds nearly $1 billion in debts against dwindling cash reserves, amid subdued consumer spending and heightened trade tensions.
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