18 h. ago How The Bay's creditor protection filing could affect gift cards and rewards

If you're a member of The Bay Rewards program or have any unused gift cards lying around, you may be wondering what to do now that the department store has filed for creditor protection.The Hudson's Bay Company (HBC) filed for creditor protection under the federal Companies' Creditors Arrangement Act (CCAA) last Friday. The Ontario Superior Court of Justice granted it on the same day."Put simply, Hudson's Bay is out of money and cannot meet its financial obligations as they come due. It is hard not to have a sense of melancholy when considering the application before me," reads the judge's written decision on Friday, supporting the company's restructuring effortsHudson's Bay, founded in 1670, is the oldest company in North America and a Canadian retail institution. As it struggles to remain afloat 355 years later, some customers remain in limbo.The Bay RewardsRewards and loyalty programs expert Patrick Sojka says Hudson's Bay Rewards members are bearing...

Economics

36 h. ago ‘Very sad to see’: Hudson’s Bay missed opportunity to target new market, expert says

A Montreal-based retail expert says he believes this is the beginning of the end for the iconic 355-year-old Hudson's Bay brand as it goes through the creditor protection process.

Other

55 h. ago Letters to The Sun: Show patriotism by supporting the Hudson's Bay Company

Re: Hudson’s Bay files for creditor protection to avoid bankruptcy: ‘This is a big loss for Canada’ Since arriving in Canada from Israel in 1980 with my Canadian-born mother, my brother and sister and I always enjoyed our shopping excursions to the Hudson’s Bay store, where my mom had once worked when she was 18 […]

Economics

65 h. ago Hudson's Bay crisis made clear in creditor protection filing by Canada's oldest company

If you stepped into Hudson Bay's flagship store in downtown Vancouver this week, you would have found all elevators and escalators completely out of service.Even the stationary escalators were off-limits, with barriers in place to prevent them from being used as makeshift staircases.Signs and planters were strategically positioned to block access to both the elevators and escalators.Staff at the front entrance informed shoppers that the only way to reach floors above or below ground level was via the emergency staircase located next to the bank of elevators.Moreover, an inventory count of the store's merchandise on display now appears to be well underway.The vertical circulation challenges at this store location have only worsened with each passing year since the pandemic. Until recently, at least one of the four elevators would still be in operation.And on some floors, there are large areas without any merchandise — a highly unusual sight.Similar signs of extremely deferred m...

Economics

5 d. ago 'This is a big loss for Canada': Hudson's Bay files for creditor protection to avoid bankruptcy

The company said significant pressures, including subdued consumer spending, trade tensions between the U.S. and Canada, and a post-pandemic decrease in downtown store traffic, are factors in the decision.

Economics

5 d. ago Hudson's Bay files for creditor protection to avoid bankruptcy: 'This is a big loss for Canada'

The news wasn't a surprise to Vancouver shoppers, who have watched the downtown store deteriorate: "It's always like a ghost town in there."

Economics

6 d. ago Hudson’s Bay seeks creditor protection, plans to restructure business

TORONTO — Canada’s oldest retailer, Hudson’s Bay, has filed for creditor protection and intends to restructure the business. The department store company that dates back to 1670 announced the move Friday evening, saying it has been facing “significant” pressures, including subdued consumer spending, trade tensions between the U.S. and Canada and post-pandemic drops in downtown […]

Economics

6 d. ago Hudson’s Bay seeks creditor protection, plans restructuring amid pressures

The company says it has been facing significant pressures, including subdued consumer spending, U.S. trade tensions and post-pandemic drops in downtown store traffic.

Economics