Shoppers are scrambling to collect Hudson’s Bay memorabilia after the company won approval to start liquidation sales at all but six stores next week. The flagship store in downtown Toronto is among the survivors.
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NewsTranscript
00:00A rush on Hudson's Bay in downtown Vancouver.
00:04Shoppers scramble to buy a piece of memorabilia before the store shuts down.
00:09This location is one of 74 now cleared for liquidation beginning Monday,
00:15along with 16 Saks Fifth Avenue branded stores.
00:18What did you get?
00:20Pretty much the last item with the iconic stripes.
00:25It's a robe. I've wanted a blanket for years.
00:28And sadly they're all gone.
00:32The renewed customer interest has thrown Hudson's Bay a lifeline.
00:36Thanks to a sudden surge in sales, it is holding back from liquidation at six stores,
00:41three in Ontario and three in Quebec,
00:43as the retailer tries to restructure the business to stay afloat.
00:47This Toronto flagship store is exempt, leaving shoppers here optimistic.
00:52I'm hoping that something will happen. I'm not an online shopper.
00:56I am so thankful that they may keep this one and that there will still be some.
01:00You can't get rid of the bay completely.
01:02If they can keep something, maybe there's something to build back from.
01:06But this retail strategist says it will be hard for the bay to bounce back,
01:10as the company is facing a billion dollars in debt.
01:13There's a lot of challenge. This is just really trying to buy time
01:17and give themselves something to work from.
01:20This is not a bold strategic game plan for revitalization.
01:26Even if the bay manages to keep some stores open,
01:29most of its 9,000 employees will lose their jobs.
01:33It's stressful, depressing.
01:3761-year-old Kevin Grell works at this bay distribution centre.
01:41He says his fate is unknown.
01:43It is sad.
01:46Especially at my age, it is difficult to get a job.
01:51Grell believes his pension will be safe,
01:53but the company has not confirmed if it will pay severance,
01:56creating a sense of lingering concern.
01:59Everybody is uncertain. Everybody is worried.
02:02Now, Erica, liquidation sales are expected to wrap up by June 15th,
02:06and all impacted stores must be vacated by June 30th.
02:10But those six stores, Sophia, they will stay open for now,
02:13but their future isn't guaranteed.
02:17That is correct.
02:18If the bay finds opportunities to restructure its business,
02:22the court order gives the company the ability to pull more stores
02:26from the liquidation sale, effectively saving them.
02:29However, the court order also gives the bay the ability
02:33to add those six stores to the liquidation sales
02:37should a restructuring not be found very quickly.
02:41Lots to watch.
02:42Thanks for this.
02:43Sophia Harris in Vancouver.