Court documents paint a grim picture of Hudson’s Bay Company’s finances, revealing nearly $1 billion in debts to various creditors including fashion brands, banks and governments. With just $3 million on hand, the company can barely pay its staff.
The death knell is ringing for Canada’s oldest company.
Hudson’s Bay announced late Friday evening that unless it finds a more viable path forward, it will begin liquidating its entire business as soon as next week, putting more than 9,000 jobs at risk.
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 would …