Latest news with #JamieHyodo
CTV News
27-05-2025
- Business
- CTV News
Last week for liquidation at Hudson's Bay, with storied company set to lay off more than 8,000
Everything must go at Hudson's Bay stores. The Canadian retail icon is winding down operations, with retail stores across the country set to close this weekend. At Hudson's Bay, White Oaks Mall, London, the doors opened for business at 11:00 Tuesday morning for one of the very last times. A small crowd hurried in. Moments later a group of ladies emerged with some 'new friends' in tow. 'They're mannequins, we just think they're fun,' explained one of the women. 052725 - Hudson's Bay Shoppers attempt to stuff mannequins they bought at Hudson's Bay White Oaks into their car. (Bryan Bicknell/CTV News London) Hudson's Bay is selling off its furniture, fixtures and equipment. But in the midst of its liquidation, Canada's oldest company has filed a court motion stating it's terminating more than 8,000 employees by this coming Sunday, spelling the end to a storied Canadian institution- one that failed to keep pace with changing consumer trends, explained Jamie Hyodo, Assistant Professor at Western University's Department of Management and Organizational Studies. 'Whether that's in terms of e-commerce. Whether that's in terms of having an offering that's at an advantage to their competitors. And whether that's in terms of having a specific clientele that is loyal to the organization. The Bay lost all of those,' he said. 052725 - Hudson's Bay Hudson's Bay is liquidating its furniture, fixtures and equipment. (Bryan Bicknell/CTV News London) CTV News spoke with a 25-year employee at the Hudson's Bay White Oaks location, who was too distraught to appear on camera. She said the staff at her store are like family, and that the Hudson's Bay company has been a 'loyal' employer. But not everyone feels that way. Unionized Hudson's Bay workers held rallies in Windsor and Scarborough Tuesday to demand the company honour severance operations. 'These members, because of this situation of being unsecured creditors in the captive liquidation process, they are at the back of the line to get their severance which they should be entitled to,' said Dwayne Guiness, the President of Unifor Local 40, which represents Hudson's Bay workers. 'And also, the third component is the enhancement that we require to wages and a protection program run through service Canada and the government needs to be enhanced with workers like this and other workers across the country,' Guiness explained. Hudson's Bay has also ended several employee benefits since liquidation began.
CBC
18-03-2025
- Business
- CBC
'Very discouraging': London customers mourn Hudson's Bay move toward liquidation
Shoppers at London's two Hudson's Bay stores said they're sorry to see the company in such dire trouble, but also that it's an outcome they've seen coming for some time. Hudson's Bay stores are anchor tenants at London's two largest shopping malls: White Oaks and CF Masonville Place. The owner of both malls, Westdell and Cadillac Fairview, did not respond to requests for comment CBC News on Monday. Hudson's Bay spent Monday in court asking for permission to begin a liquidation of all of its stores as early as Tuesday, even as it holds out hope that it will find a lifeline. Regardless of how the liquidation process plays out, retail experts who spoke to CBC News said the process will involve the sell-off of inventory and the closure of most, if not all, of Hudson's Bay stores. "It's a financial situation where they don't have other options on the table in their current incarnation," said Jamie Hyodo, an assistant professor of consumer behaviour at Western University. Regular shoppers will miss The Bay While many retailers have suffered similar fates in recent years, London shoppers said they'll miss their regular visits to the last true department store with a Canadian identity and a history that predates Confederation. "It's very discouraging," said Lisa De Marco, who did some shopping at the Masonville Store on Monday. "It's a company that's been with Canada for so many years and so this is very sad news for Canada." At the White Oaks location, Eileen Clark has been a regular customer for years. She's sad to see the company heading toward its demise but said she's noticed the White Oaks location has been in decline for some time. "I really feel like this store has been neglected," said Clark. "It just seems to be unloved when you come in and there isn't a lot of staff. I saw the writing on the wall. It doesn't surprise me, but I will be sorry to see it go." The liquidation process leaves about 9,000 jobs in peril. "Sad, sad the day," said Wade Steers on his way into the White Oaks location with his wife Marie. "It's the oldest company in Canada and we have always appreciated shopping at the Hudson's Bay." Saurin Patel, an associate professor of finance at the Ivey Business School at Western University, said The Bay's troubles began before the COVID-19 pandemic. "There's been a lot of pressure on them from online retailers," he said. Patel said Hudson's Bay struggled to keep customers in an age when shoppers often look at merchandise in store, then scour the internet to find the same items online at the best price, often with free shipping. Patel points out that this week Forever 21, a U.S. clothing retailer, filed for bankruptcy and is expected to close all stores. "All big-box retailers, especially department stores, are facing this challenge," he said. Stores looked stale Patel said one factor that kept Hudson Bay down is that the company failed to enhance and update its in-store experience. "I was there two weeks ago and the store hasn't changed in the last 15 years," he said. "The layout, everything looks the same. I think that shows you that there's no investment being made back into the store, so why would customers go back?" The liquidation Hudson's Bay is seeking from the courts will span the company's entire footprint, with Ontario taking the bulk of the hit because it's where the company has 32 locations and more than half of its employees work. Hyodo said malls with Bay stores, including Masonville and White Oaks, will have to be creative and find new ways to use the space in an age where large retail tenants are hard to come by. He pointed to a trend in some malls, to add residential units to their properties, something both White Oaks and Masonville are already moving toward.
