Hudson’s Bay to liquidate all remaining stores; sets closing date

Hudson’s Bay Company’s efforts to stay in business appear increasingly unlikely to pan out.

Canada’s oldest company will liquidate its remaining six Hudson’s Bay stores and one Saks Fifth Avenue location, with sales beginning April 25. Hudson’s Bay said it is making the move because it believes that a “viable bid for the current six-store model is unlikely.”

The stores will join the 73 other Hudson’s Bay, 13 Saks Off 5th stores and two Saks Fifth Avenue locations already undergoing liquidation sales. Earlier this month, the bankrupt retailer said it wants to conduct an “art auction” for the sale of its most “historically” significant art and artifacts. The items include the company’s Royal Charter, which launched Hudson’s Bay as a fur trading company some 355 years ago.

Hudson’s Bay filed for creditor protection under Canada’s Companies’ Creditors Arrangement Act in March, citing, among other things, trade tensions between Canada and the United States and a drop in downtown traffic. It started liquidation sales at most of its stores in March, but seven stores were excluded from the initial list as the company held out hope for a buyer and a last-minute option to restructure.