The final chapter for Hudson’s Bay Company, a 355-year-old Canadian institution, began this week as liquidation sales launched across its remaining stores, with markdowns slashing prices by up to 70 percent. Shoppers are flocking to the iconic department chain’s last 80-plus locations, from Vancouver to Halifax, grabbing deals on everything from winter coats to kitchenware. But behind the bargain frenzy lies the grim reality of a retail giant’s collapse, with over 9,000 jobs hanging in the balance.
On March 15, the company announced it would start winding down operations, citing no viable path forward after months of financial strain. The decision came just days after reports surfaced on March 7 that Hudson’s Bay was bracing for a bankruptcy filing, a move that stunned industry watchers given its storied legacy. Founded in 1670 as a fur-trading outpost, the company once shaped Canada’s economic backbone, its name synonymous with quality and tradition. Now, its aisles are a battleground for deal-hunters as liquidators clear out inventory.
In Toronto’s flagship Queen Street store, racks of designer dresses and stacks of bedding bear bright red tags advertising steep cuts. A sales associate, who’s worked there for 12 years, said the mood is bittersweet: “Customers are excited, but for us, it’s like watching your home get sold off piece by piece.” Similar scenes are unfolding nationwide, with stores in Calgary, Montreal, and smaller markets like Regina reporting brisk crowds since liquidation began on April 16. The discounts, starting at 30 percent and climbing to 70 percent on select items, are expected to deepen as stock dwindles.
The company’s downfall traces back to a brutal mix of inflation, rising interest rates, and shifting consumer habits. After splitting from its U.S. counterpart, Saks Global, last year, Hudson’s Bay struggled to compete in a retail landscape dominated by e-commerce giants and discount chains. Efforts to modernize, including revamped stores and an online push, weren’t enough to stem losses. By late 2024, the chain was bleeding cash, with no buyers stepping up to save it.
Liquidation is set to continue through the summer, though exact closure dates for individual stores remain unclear. All sales are final, and gift cards must be redeemed by May 31. The company has urged employees to seek new opportunities, offering severance where possible, but union reps say support for workers has been patchy at best.
As Canada’s oldest retailer fades, its striped blankets and heritage logos are becoming relics of a bygone era. For now, shoppers can score a piece of history at a fraction of the cost—but the price of Hudson’s Bay’s closure is one the country will feel for years to come.