Hudson's Bay, Canada’s oldest company, will shut down its final six remaining stores, with liquidation sales beginning Friday, according to a court filing.
The department store chain had received court approval to close all but six of its 80 stores after filing for protection from creditors owed more than CAN$1 billion (US$700 million).
But Adam Zalev, managing director of Hudson's Bay's financial adviser, Reflect Advisors, said in an affidavit that it was unlikely a buyer would be found for the remaining department stores in the Toronto and Montreal areas.
"Given the low probability of receiving a viable bid," he said in the court filing, the company and a court-appointed monitor decided to include these six stores in the liquidation sale."
Founded in 1670 by fur traders given a royal charter by the British monarch King Charles II, the company once owned a swath of western and northern Canada.
From the fur trade, it shifted into retailing in the early 20th century, building large department stores in cities across Canada.
Online shopping and changing consumer habits contributed to its decline, one of a string of North American retail closures.
