Hudson’s Bay seeks creditor protection, plans to restructure business Boston 25 News [Video]

TORONTO — (AP) — Canada’s oldest retailer, Hudson’s Bay, has filed for creditor protection and intends to restructure the business.

The department store company that dates back to 1670 announced the move Friday evening, saying it has been facing “significant” pressures, including subdued consumer spending, trade tensions between the U.S. and Canada and post-pandemic drops in downtown store traffic.

“While very difficult, this is a necessary step to strengthen our foundation and ensure that we remain a significant part of Canada’s retail landscape, despite the sector-wide challenges that have forced other retailers to exit the market,” Liz Rodbell, president and CEO of Hudson’s Bay said in a press release.

“Now more than ever, it is critical that Canadian businesses are protected and positioned to succeed.”

As part of the filing it made with the Ontario Superior Court of Justice on Friday, Hudson’s Bay said it was exploring several strategic options …