Toronto – Arab Canada News

The planned closure of most "Hudson's Bay" stores next June is expected to result in job losses that go beyond the company's direct employees, affecting those working in beauty salons, spas, and other service providers located within "Hudson's Bay" stores and its sister companies such as "Saks Fifth Avenue" and "Saks Off Fifth."

Additionally, employees who were directly hired by some of the brands managing departments of cosmetics, jewelry, or boutiques within these stores may also be affected. Companies that rely on "Hudson's Bay" as a primary source of revenue may have to reduce their workforce.

According to a report published by "The Canadian Press," these closures will significantly impact the job market in the country, with 74 "Hudson's Bay" stores, two "Saks Fifth Avenue" stores, and 13 "Saks Off Fifth" stores closing in June, following several months of liquidations. Currently, only six stores remain looking for solutions to survive.

These developments come after "Hudson's Bay," Canada's oldest company, received court approval last March to start liquidating most of its stores due to financial challenges. This includes 80 "Hudson's Bay" stores, three "Saks Fifth Avenue" locations, and 13 "Saks Off Fifth" stores across Canada. However, six stores, including the flagship store in Toronto, will continue to operate thanks to unexpectedly strong recent sales.

Background:

Founded in 1670, "Hudson's Bay" is considered part of Canada's cultural fabric. The company has faced financial challenges due to decreased consumer spending, trade tensions between Canada and the United States, and reduced foot traffic in stores following the pandemic. On March 7, 2025, the company filed for creditor protection under the Companies' Creditors Arrangement Act in Canada.