A year after HBC's collapse, some reimagined spaces — and a lot of vacant stores

A year after Canada's oldest company filed for creditor protection, a Canadian Press analysis has found the vast majority — at least 73 former Hudson’s Bay or Saks stores — are still empty, though a few of those have tenants preparing to move in.

In the windows, animatronic bears and groundhogs in aprons and chef’s hats toddled around. Inside, Santa rode in a hot-air balloon hanging from the ceiling while an old-timey train display offered a rainbow of sweets and other delicacies and shoppers perused toys under a canopy of foliage.

“We put great effort into creating the magic,” recalled Ryan Townsend, whose new department store Sabayons was responsible for the holiday whimsy.

The business has been breathing new life into a property that just a year ago was on the verge of being dark and empty.

Canada’s oldest company, Hudson’s Bay, filed for creditor protection on March 7, 2025, under the weight of $1.1 billion in debt. The move kick-started a complex legal process that’s still ongoing as the 355-year-old business winds down, and resulted in the closure of its 80 stores and 16 more under its sister Saks banners.

A year later, a Canadian Press analysis has found the vast majority — at least 73 former Hudson’s Bay or Saks stores — are still empty, though a few of those have tenants preparing to move in. Some of those sites were once among the country’s most prized shopping properties — along the stretch leading up to Toronto’s Eaton Centre, by the ByWard Market in Ottawa and in the hearts of downtown Vancouver, Montreal and Calgary.