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.
Hudson's Bay has filed for creditor protection to avoid bankruptcy, citing declining consumer spending, trade tensions, and decreased downtown traffic. The move is considered a significant loss for Canada, with analysts noting the company's struggles with neglect and job losses, similar to Nordstrom's exit from the Canadian market. Hudson's Bay aims to strengthen its business and preserve jobs during the process.