Hudson's Bay is in limbo after filing for creditor protection. Here's what you need to know
CBC
Hudson's Bay Company filed for creditor protection last week, saying it's struggling to pay landlords, vendors and employees — and it's a process that could lead to the sale or closure of Canada's oldest company.
Retail experts say the writing has been on the wall for several years, with some stores in disarray, the shopping experience lacking, several locations shuttered and many workers laid off.
"The brand is not in good condition and the reasons for that go back decades. This is not something that has happened in the last few years," said Doug Stephens, the CEO and founder of Retail Prophet.
The company's restructuring plan includes closing some stores and downsizing its operations. So where does that leave customers with outstanding gift cards or rewards points?
For now, you can still shop at Hudson's Bay, both in stores and online. But a few things have changed, and the company's future is still up in the air. Here's what you need to know.
Some physical locations — if not all — could eventually close. If you do pop into the retailer, you'll notice significant clearance sales and markdowns as the company tries to clear out inventory.
No decisions have been finalized regarding store closures, a company spokesperson told CBC News. The Bay is reportedly considering closing 40 of its 80 stores, according to The Canadian Press.
Meanwhile, some stakeholders are already taking action against the Bay for missed payments.
A mall landlord in Sydney, N.S., tried to block entry into a Hudson's Bay store last week because the company was behind on its rent payments, and a team of bailiffs in Sherway Gardens mall in Etobicoke, Ont., tried to seize merchandise from another Bay store, according to the company's court filing.
Customers can't redeem or earn points right now, because the company's rewards program is on pause, a Hudson's Bay spokesperson told CBC News.
So if you have an outstanding amount of points on your rewards card, you'll just have to hang onto it for now. And if your account hasn't seen any activity for 24 months, the points might have already expired, the court filing says.
As of Feb. 1, more than eight million Canada customers had outstanding points worth a total of $58.5 million.
A note on the company's website also adds that it cannot track or accumulate points on purchases made during the program's pause "and apply them retroactively."
Shoppers can still use existing gift cards, which are "redeemable right up until the company goes into bankruptcy," said Boutet. But they can't buy new ones because the company isn't currently selling them.
Tens of thousands of Nova Scotia Power customers are waking up without power on Saturday morning after high winds and rain hit the province on Friday night.
Statistics Canada is reporting a population decrease last quarter for New Brunswick — its largest quarterly decline since the 1970s, according to an economic development consultant.
Residents clapped, danced, sang and cried in the Anishinaabe community of Kitcisakik this week when the lights were finally turned on for the first time.
A man is suing three members of a Winnipeg family and a real estate broker he alleges used his intellectual disability to financially exploit him through property deals in Canada and India, leaving him out hundreds of thousands of dollars.
When Stephanie Gamble watched her mother model the first dress she made, smiling wide and walking an imaginary runway, she knew that was what she wanted to keep doing in her life.
'Tis the season for cuddling on the couch with a cup of hot chocolate and watching holiday movies. And for people in B.C.'s Interior, that can increasingly mean seeing their home communities on display.
Every year, snowy owls spread their wings and migrate down to the Prairies, where they enjoy access to plenty of rodent prey in vast open spaces.
This month has been a busy stretch at the Upper Room Food Bank in Charlottetown.
N.W.T. Education Minister Caitlin Cleveland says she has received the final report from an independent investigation into education bodies in the Dehcho region.
P.E.I.’s auditor general says he’s concerned and disappointed that the projected deficit has doubled what government initially estimated it would be — and he's urging the province to balance its budget.
A man found not criminally responsible for stabbing five people to death at a Calgary house party is getting more freedoms but not an absolute discharge.
A man has been found guilty of second-degree murder in the shooting death of a Toronto mother outside a supervised consumption site in Leslieville.
Russian olive trees — sometimes known as silver berry or oleaster — are small, ornamental plants with silvery leaves and black bark, and small yellow flowers and silver fruit that look like miniature olives. They’re pretty, but they’re a problem.