Popular bankrupt retail chain prepares to close all 96 stores
The department store made the difficult decision after a big change.
There are probably a few stores you can think of that shattered your perception of the retail space when they shut down.
Maybe it was your favorite local mom and pop shop downtown, which catered to locals for years.
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Perhaps your favorite sporting goods store closed down. Or it could've been the local hardware store. Maybe it was even a popular restaurant.
If you're like most people, though, the closure of a smaller store doesn't always seem like a surprise.
Even if the closure is devastating to the local community and the hardworking folks who run it, smaller businesses close all the time.
In fact, it's estimated that about 50% of restaurants and small businesses fail within five years of opening.
Those aren't great odds, and in this new retail landscape, it can seem like a wonder that Main Street businesses remain functional at all. 
Large retailers struggle, too
Given these odds, it's not always a huge shock when a small, niche business shuts down.
But it certainly does seem surprising when a huge stalwart sputters to a halt and closes down operations.
Take Forever 21, for instance.
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- Major gym closing multiple locations after franchisee bankruptcy
- After Chapter 11 bankruptcy, beloved retailer closes all stores
The discount fast fashion retailer was a staple in nearly every mall in the U.S. It had a massive, multilevel store in Times Square in Manhattan and was renowned as the place to go for everything from cheap formalwear to bathing suits.
It filed for Chapter 11 bankruptcy in March 2025 and shuttered hundreds of stores around the U.S., coming to a complete and rapid end.
The same is the case with Joann Fabrics, which is now bankrupt and closing down all stores.
These retailers were iconic locales with hundreds of locations across the U.S. So their closures will be felt by many shoppers who once relied on them for products.
Popular retail chain closing all stores
The same has been the case with Hudson's Bay, the Canadian department store.
Hudson's Bay is North America's oldest retail chain, but its history hasn't protected it from issues.
Hudson's Bay -- which also operates several Saks Fifth Avenue and Saks OFF 5th Canada locations -- had been planning to shutter stores after it was revealed that the company was struggling financially and filed for a Canadian version of bankruptcy in March 2025.
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But it received a lifeline in mid-May, when Canadian Tire Corporation agreed to buy it for $30 million CAD.
The lifeline, however, is hardly a bid to keep stores open.
Now, Hudson's Bay has announced it will shutter all 96 locations, which include:
- 80 Hudson’s Bay stores
- 13 Saks OFF 5TH outlets
- Three Saks Fifth Avenue stores
All 96 stores will close forever by June 1, 2025.
About 8,000 employees will also be terminated. This represents nearly 90% of the total Hudson's Bay workforce.
Liquidation sales are also currently being held; they will last until June 15 and all sales are final.
