Hudson’s Bay Company ULC (HBC), Canada's historic retailer, obtained protection under the Companies' Creditors Arrangement Act (CCAA) on March 7, 2025, to address mounting financial pressures. The company, founded in 1670, operates 80 Hudson’s Bay stores and 16 Saks Fifth Avenue and Saks OFF 5TH locations. Despite investing approximately $130 million into e-commerce expansion after going private in 2020, HBC faced significant challenges, including the COVID-19 pandemic's impact, trade tensions with the US, and difficulties monetizing real estate assets. The company struggled to meet creditor obligations and faced imminent payroll shortfalls.

Under the CCAA proceedings, HBC plans to facilitate an orderly liquidation of selected stores, streamline operations around core high-performing locations, and monetize retail leases with below-market rents. Restore Capital, an affiliate of Hilco Global, is providing a DIP loan alongside other lenders.

Alvarez & Marsal (A&M) has been appointed as the monitor. Reflect Advisors serves as financial advisor to HBC, while Richter advises Restore and Bank of America. Legal counsel includes Stikeman Elliott for HBC, Bennett Jones for A&M, Blakes for Restore Capital, Cassels for Hilco, Goodmans for RioCan, Osler for Pathlight Capital, and Torys for Cadillac Fairview.