Hudsons Bay plans immediate liquidation of entire business – National [Video]

Analysts say the planned liquidation of Hudson’s Bay will leave a hole in the country’s retail landscape, as Canada’s oldest company prepares to wind down in the coming months unless it can find a last-minute solution.

Retail experts attribute a combination of missteps that led to Friday night’s announcement from Hudson’s Bay, which said it would begin liquidating its entire business as soon as next week, pending court approval.

The department store chain that dates back to 1670 and now spans 80 stores said it has been forced toward a full liquidation because “exhaustive” efforts haven’t turned up the financing it needs to keep at least some of its empire alive.

A closure of the entire business, which is planned pending a court appearance set for Monday, would mean job losses for 9,364 employees the company has in Canada across its Hudson’s Bay stores, as well as three Saks Fifth Avenue stores and 13 Saks Off …