2025
March 7: Hudson’s Bay files for creditor protection. The company says the “process will allow Hudson’s Bay to restructure its operations, streamline costs, and refocus on its core strengths.”
March 10: A source tells Canadian Press that Hudson’s Bay plans to close half of its stores.
March 14: Just a week after filing for creditor protection, Hudson’s Bay says “despite exhaustive efforts to secure sufficient financing to pursue a restructuring transaction” and it “has only secured limited debtor-in-possession financing that will require the full liquidation of the entire business.” However, the retailer hopes it can find a saviour.
March 15 & 16: Canadians head to Hudson’s Bay stores seeking to get a piece of memorabilia. Point blankets become hard to find and are sold out online.
March 17: Hudson’s Bay seeks court approval to begin liquidating. Ontario Superior Court Justice Peter Osborne wants more time to consider all the issues stakeholders are facing.
March 19: Hudson’s Bay asks the court for additional time to resolve issues with stakeholders.
March 21: Hudson’s Bay receives court approval to keep six stores open and liquidate the rest. The company’s lawyer says there’s a possibility additional locations could be saved but the remaining six stores could also be liquidated.
March 24: Liquidation sale begins at nearly all Hudson’s Bay stores as well as two Saks Fifth Avenue and 13 Saks Off 5th stores. Six Hudson’s Bay stores and one Saks store (located in the flagship Toronto store) are excluded from the liquidation.
March 28: Hudson’s Bay announces it’s cutting 200 corporate jobs.
March 29: Ontario Superior Court judge Peter Osborne rejects Hudson’s Bay restructuring agreement.
April 6: The last day gift cards can be redeemed at stores.
April 16: Hudson’s Bay announces it intends to conduct a dedicated auction for the sale of its most historically significant art and artifacts. The auction is subject to court approval.
April 22: In a court filing, it’s revealed that 18 parties expressed interest in 65 of the department store’s leases.
April 23: Hudson’s Bay announces it doesn’t expect to find a buyer for the six remaining stores and those stores will be added to the liquidation.
April 25: Liquidation sales begin at the six Hudson’s Bay stores that were originally planned to remain open.
May 7: Court documents reveal that no insiders bid for Hudson’s Bay, including its assets or leases.
May 9: A court filing reveals Hudson’s Bay received 17 bids to buy the retailer and its assets.
May 15: Canadian Tire agrees to buy intellectual property belonging to Hudson’s Bay for $30 million. The deal still requires court approval.
May 23: Hudson’s Bay plans to sell 28 leases to B.C. mall owner Ruby Liu. The deal requires court approval.
May 30: The Globe and Mail reports a group of former HBC executives led by former Bay president Bonnie Brooks had a plan to save at least a dozen stores, but their financial backer never submitted a formal bid.
June 1: Hudson’s Bay stores across the country close their doors for the last time.
June 3: Canadian Tire receives court approval to buy trademarks belonging to Hudson’s Bay for $30 million.
June 19: Court filings reveal that landlords representing 23 of the 25 leases Ruby Liu bid on disapprove of the plan and “would oppose any potential future forced assignment.”
June 23: Hudson’s Bay receives court approval to sell three leases to Ruby Liu. She already owns the three malls where those former stores were located.
July 15: An Ontario Superior Court hearing on the lease deal is adjourned after Ruby Liu shows up without a lawyer.
July 19: Ruby Liu holds a job fair in downtown Toronto even though she hasn’t received approval to take over any store leases in the Greater Toronto Area.
July 29: Hudson’s Bay files a court motion asking that landlords be forced to accept Ruby Liu’s bid to buy 25 leases. In court filings, Liu said “HBC has repeatedly threatened to terminate our agreement and forfeit our deposit.”
July 30: The Canadian Museum of History announced the Weston family wants to buy the Hudson’s Bay charter for $12.5 million and donate it to the institution.
July 31: Hudson’s Bay receives permission from the Ontario Superior Court to sell six leases in Vaughan, Ont., Kanata, Ont., Winnipeg, Rocky View, Alta., Halton Hills, Ont., and Burnaby, B.C. The court also approved the company’s request to extend its creditor protection until Oct. 31.
Aug. 6: Hudson’s Bay transferred Zellers trademarks to Les Ailes de la Mode Inc. (controlled by the Benitah family).
Aug. 8: In court filings, some of Canada’s largest commercial landlords asked the Ontario Superior Court to prevent Ruby Liu from taking over 25 former Hudson’s Bay leases.
Aug. 12: Hudson’s Bay changes its name to Rupert Legacy. The name change was a condition in the sale agreement with Canadian Tire.
Aug. 20: In a court filing, Alvarez & Marsal (HBC’s court-appointed monitor) said it doesn’t believe landlords should allow Ruby Liu’s company to be a tenant although it supports the sales process of the leases.
Aug. 21: A battle of the billionaire families begins as David Thomson announced in a court filing his interest in bidding $15 million for HBC’s charter and plan to donate it to the Archives of Manitoba. The Weston family originally wanted to buy the charter and donate it to the Canadian Museum of History. The Thomsons and the Westons both fought to acquire Hudson’s Bay nearly five decades earlier.
Sept. 25: Ontario Superior Court approves HBC’s plan to auction more than 1,700 pieces of art and about 2,700 artifacts.
Oct. 16: Canadian Tire announces it plans to sell Hudson’s Bay point blankets.
Oct. 24: Ontario Superior Court rules that landlords won’t have to accept Ruby Liu’s bid to take over 25 former Hudson’s Bay leases. She was able to take over three others in the malls she already owned.
Oct. 30: Under new ownership, Zellers opens its first store in Edmonton’s Londonderry Mall.
Nov. 5: Canadian Tire announces it will begin selling Hudson’s Bay Stripes items at stores beginning on Dec. 5.
Nov. 14: Court documents reveal the Thomson and Weston families jointly bid $18 million for the Hudson’s Bay Company charter. They intend to donate the document to four public institutions.
Nov. 19: Auction for art collection belonging to Hudson’s Bay held. A painting by Winston Churchill sells for $1.3 million.
Sources: The Toronto Star, The Globe and Mail, Canadian Press, CBC News