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Hudson's Bay Company (HBC), Canada's oldest retailer, has announced plans to liquidate most of its stores, echoing the downfall of Eaton's in the late 1990s. This decision affects 74 out of 80 Hudson's Bay stores, along with all three Saks Fifth Avenue and 13 Saks Off 5th locations across Canada.

Founded in 1670, HBC has been a significant part of Canada's history, known for its iconic striped blankets and role in the fur trade. The company's recent financial struggles, including reduced consumer spending and post-pandemic challenges, led to filing for creditor protection on March 7, 2025.

The liquidation sales are set to begin on March 24, 2025, and will continue until June 15, with affected stores closing by June 30. Approximately 9,364 jobs are at risk due to these closures. However, six stores, including the flagship locations in Toronto and Montreal, will remain open due to recent unexpected sales increases.

This situation brings back memories of Eaton's, another historic Canadian department store that closed its doors in 1999 after facing similar financial difficulties. Eaton's had been a staple in Canadian retail for over a century before its demise.

HBC's lawyer, Ashley Taylor, stated that the company is actively seeking long-term financial solutions to possibly save additional stores. However, the timeframe to achieve this is limited.

As HBC navigates these challenges, Canadians are witnessing the potential end of another iconic retailer, marking a significant shift in the country's retail landscape.