Winnipeg’s Hudson’s Bay locations could be in jeopardy after company files for creditor protection

With the Hudson’s Bay Company filing for creditor protection to avoid bankruptcy last week, the two remaining Winnipeg locations could be in jeopardy.

A potential blow for local residents, given the company’s historical significance to the city.

“It would be such a shame to lose that. It’s such a part of our culture,” said one Winnipegger CityNews spoke to.

“People remember taking their kids downtown to Hudson’s Bay, you know the paddlewheel restaurant. And as far as retailers go I mean this is who we think of when we think about Canada so I think it would be pretty devastating.”

The company said in a press release that while no assurances can be provided, they are looking into strategic alternatives and engaging stakeholders to explore potential solutions, with the president saying, “While very difficult, this is a necessary step to strengthen our foundation and ensure that we remain a significant part of Canada’s retail landscape, despite the sector-wide challenges that have forced other retailers to exit the market.”

“They have 80 locations in Canada I think they’ll have to close at least 40 of those if not more, I think they do have a handful maybe 20-30 profitable stores so those will probably be the stores they keep open,” said Chi Liao, an associate professor of finance at the University of Manitoba.

The company has until March 17^th to come to an agreement to pay back creditors or get an extension on protection. And some Winnipeggers hope it can be done.

“You know the Bay’s been an institution in this country and in this city since 1860 or whatever the correct year is, so I think it would be sad, I really do,” said another Winnipegger.

CityNews reached out to Hudson’s Bay Company about the future of the two Winnipeg stores, but have not heard back.