Canada's Hudson's Bay has survived 355 years. Now the store is in crisis

Hudson’s Bay, Canada’s oldest retailer, has entered creditor protection due to struggling with debt and declining sales. The high-end chain, dating back to the 17th-century fur-trade era, is facing challenges from the pandemic, inflation, and trade tensions with the U.S. The company plans to close some stores as it restructures its debt. Its parent company, HBC, also controls other luxury chains like Saks Fifth Avenue and Neiman Marcus, which have also faced financial difficulties. Luxury department stores in North America have been hit hard by the pandemic and changing consumer shopping habits.

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