Hudson’s Bay continues to unwind, one year after retailer went under
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TORONTO – It’s been one year since Canada’s oldest company started unwinding.
Hudson’s Bay filed for creditor protection on March 7 last year, telling a court its $1.1 billion in debt was too insurmountable.
While it tried to find a buyer or lender to keep six stores alive, no one came forward and all 80 of its shops closed by June, along with 16 more from Saks.
The department store spent the remainder of the year auctioning off some of its 4,400 pieces of art and artifacts, as well as selling leases or handing them back to landlords.
An analysis by The Canadian Press has found 73 of the 96 vacated HBC and Saks properties haven’t been reopened yet, though a few have tenants preparing to move in.
Many of the properties back in operation are hosting tenants like Urban Behaviour, Urban Planet, Designer Depot or furniture stores.
This report by The Canadian Press was first published March 7, 2026.