Toronto, ON – After 355 years as a fixture in Canadian retail history, Hudson’s Bay Company (HBC) has announced it will permanently close all its stores across Ontario and Canada by June 1, 2025, following a months-long liquidation sale. The historic move will result in the loss of more than 8,300 jobs, marking one of the most significant retail collapses in Canadian history.
In court documents filed under the Companies’ Creditors Arrangement Act (CCAA), HBC cited nearly $1 billion in debt as the primary reason for the closure. The announcement includes the shutdown of 73 Hudson’s Bay department stores, 2 Saks Fifth Avenue locations, and 13 Saks OFF 5TH outlets nationwide.
By June 15, the company expects approximately 899 additional employees to be terminated. Following that, a skeletal team of 118 employees will remain for the company’s “final windup” operations, including 50 retail staff, 58 corporate employees, and 10 distribution centre workers.
A Brand Without Stores
Although Canadian Tire Corporation purchased the Hudson’s Bay branding rights in a $30 million deal, the acquisition covers only branding assets, including the iconic HBC stripes, labels, and product designs. It does not include any store leases, locations, or retail operations.
This means the Hudson’s Bay brand may continue as a private label or specialty line under Canadian Tire’s retail umbrella, but the iconic Bay stores themselves will vanish from the Canadian landscape.
Final Liquidation and Customer Notice
All Hudson’s Bay stores are expected to shutter as inventory sells out, with closing sales now in progress across Canada. On its website, thebay.com, HBC posted a farewell message to its loyal customers:
“After 355 years, it’s time to say goodbye. To our valued customers – thank you. It has been our pleasure to serve you and we are truly thankful for the trust you have placed in us.”
The website will also be shut down following the closure of remaining retail locations.
Employee Uncertainty and Severance Questions
As of now, it remains unclear whether HBC employees will receive severance compensation. Details regarding severance payouts or termination agreements have not been disclosed publicly, and may depend on ongoing proceedings under creditor protection. HBC has not released a formal employee compensation plan, and affected staff are encouraged to seek legal or union guidance where applicable.
Industry observers note that this mass layoff, amid corporate restructuring and brand transfer, could lead to further legal and financial questions, especially concerning employee rights and pension obligations.
A Canadian Institution Says Farewell
Founded in 1670, Hudson’s Bay has been Canada’s oldest company and one of the world’s longest-operating retailers. Over centuries, it transformed from a fur trading business into a cultural symbol of Canadian commerce and fashion. Its closure marks not only a business decision but the end of a defining chapter in Canada’s retail heritage.
With doors closing and staff preparing for final inventory clear-outs, communities across Canada are witnessing the quiet conclusion of a company that shaped malls, main streets, and holiday shopping traditions for generations.