Hudson’s Bay, which operates more than 80 stores across Canada, could file for bankruptcy within days, according to the Wall Street Journal.
The chain separated from its Saks Fifth Avenue subsidiary in December 2024 by merging with Neiman Marcus Group and has since become an independent business.
Saks acquired Neiman Marcus for $2.65 billion (U.S.), and created a new entity called Saks Global, which isn’t expected to file for bankruptcy itself, the Wall Street Journal reported.
“We do not comment on rumor or speculation,” Tiffany Bourré, vice president of corporate communications, PR, events, social and heritage for Hudson’s Bay wrote in a statement to the Star.
In January, Hudson’s Bay announced it had laid off 41 staff due to the “challenging headwinds” affecting the retail industry.
Since 2008, Hudson’s Bay has been owned by a private-equity firm led by American retail and real estate magnate Richard Baker, known for acquiring retailers and frequently benefiting from their valuable real estate assets.
