Hudson's Bay granted permission to liquidate all but 6 stores

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An Ontario judge has given the Hudson's Bay Company permission to liquidate all but six of its locations across Canada. The remaining six stores include its flagship location on Yonge Street in Toronto, two other GTA locations and three in Quebec.   »»» Subscribe to CBC News to watch more videos: http://bit.ly/1RreYWS  Connect with CBC News Online:  For breaking news, video, audio and in-depth coverage: http://bit.ly/1Z0m6iX Follow CBC News on TikTok: https://bit.ly/3TnHioe Follow CBC News on Twitter: http://bit.ly/1sA5P9H Find CBC News on Facebook: http://bit.ly/1WjG36m Follow CBC News on Instagram: http://bit.ly/1Z0iE7O Subscribe to CBC News on Snapchat: https://bit.ly/3leaWsr  Download the CBC News app for iOS: http://apple.co/25mpsUz Download the CBC News app for Android: http://bit.ly/1XxuozZ  »»»»»»»»»»»»»»»»»» For more than 80 years, CBC News has been the source Canadians turn to, to keep them informed about their communities, their country and their world. Through regional and national programming on multiple platforms, including CBC Television, CBC News Network, CBC Radio, CBCNews.ca, mobile and on-demand, CBC News and its internationally recognized team of award-winning journalists deliver the breaking stories, the issues, the analyses and the personalities that matter to Canadians.

Transcript

00:00Okay, breaking news for you this hour, we finally have word

00:03about the short-term fate of troubled retailer HBC.

00:06An Ontario judge has just given the company permission

00:09to liquidate all but six of the Bay stores across the country,

00:13but several issues still remain.

00:15CBC's Paula Dohatchuk is in Calgary with more on this.

00:18So, Paula, what do we know at this point?

00:20Well, Natasha, the company says that all of the news

00:22about the Bay's financial troubles has actually pushed a

00:25lot of our customers, rather, into stores,

00:28stocking up on iconic Bay products

00:31like those striped blankets.

00:33And all of those sales has actually given them enough

00:35financial wiggle room to now keep six stores open.

00:38Now, all six of those stores are either

00:41in the Greater Toronto area or the Greater Montreal area.

00:44So, so far, not a lot of luck for those

00:46of us here in Western Canada.

00:48That being said, though, the company is leaving a lot

00:51of room open for changes in the future.

00:53It says it could still see some other stores kept open

00:57if things go better than expected,

00:59but it could also close down some of those six stores

01:02if things go worse and they can't come up

01:04with a restructuring solution.

01:06So, lots up in the air and lots of fear and uncertainty

01:09in particular for the 9,000 workers who are still

01:12on the payroll and who are very concerned about their jobs.

01:16Take a listen to one of those workers that we spoke with.

01:20We had a Zoom meeting with the union,

01:22and it's very unlikely that we will get a severance.

01:25In cases, instances like this,

01:28severance is at the bottom of the barrel.

01:30So, it's very unlikely we'll get anything.

01:33Doesn't feel good at all.

01:35You've put your time, your sweat into this company,

01:40and you're not gonna get it, nothing.

01:44It hurts.

01:46Now, lawyers for Hudson Bay say that its liquidation sales

01:50are likely to wrap up by June 15th,

01:52although it hasn't given details about just what kind

01:56of discounts they're going to be making on their products.

01:58It says that it will be out of all of its vacant stores

02:01by the end of June.

02:03So, by this time in the summer,

02:05the Bay will likely have a much, much smaller footprint

02:08than it does today, Natasha.

02:10CBC's Paula Duhatchik in Calgary with the breaking news.

02:13Thank you, Paula.

02:14♪

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