WSJ: Canada's largest department store chain Hudson's Bay has gone bankrupt
Founded in 1670, the Canadian department store chain Hudson's Bay intends to declare bankruptcy, reports The Wall Street Journal (WSJ).
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📝 Summary
Founded in 1670, the Canadian department store chain Hudson's Bay intends to declare bankruptcy, reports The Wall Street Journal (WSJ).
Hudson's Bay will announce its decision in the coming days. The company is experiencing problems due to inflation and the high key rate of the Bank of Canada, as these factors reduce the purchasing power of the population and force Canadians to abandon unnecessary spending. Other major Canadian retailers have faced the same challenges, the WSJ notes. Hudson's Bay was founded in London in 1670. The company conducted a colonial trade in wool. Striped wool blanket, which is sold in department stores chain, has become one of the symbols of Canada. In 2024, Hudson's Bay cut jobs in department stores and administrative divisions. US President Donald Trump has signed a decree to increase duties on goods from Canada, China and Mexico. Canada has imposed retaliatory duties of 25% on U.S. goods. The Bank of Canada estimates that Canadian exports could decline by 8.5% in 2025, business investment by 12%, and consumer spending by 2% by 2027. Canada’s GDP will shrink by 3% in 2025-2026. Retaliatory duties and the depreciation of the Canadian dollar will accelerate inflation and increase the unemployment rate in the country, according to the Bank of Canada. Trump has called Canada an unviable country.
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