{"id":57184,"date":"2025-03-10T20:19:02","date_gmt":"2025-03-10T20:19:02","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/03\/10\/whats-next-for-canadas-iconic-store-the-hudsons-bay\/"},"modified":"2025-03-10T20:19:02","modified_gmt":"2025-03-10T20:19:02","slug":"whats-next-for-canadas-iconic-store-the-hudsons-bay","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/03\/10\/whats-next-for-canadas-iconic-store-the-hudsons-bay\/","title":{"rendered":"What&#8217;s next for Canada&#8217;s iconic store, the Hudson&#8217;s Bay?"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<li class=\"breadcrumbs__item\">Retail &amp; Marketing<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">The company\u2019s court filing seems to suggest that it has been financially suffering for a while now<\/p>\n<div class=\"callout callout--noindent flex-align-center flex-justify-between\" data-evt-val=\"{\" control_fields=\"\" data-evt=\"visible\" data-evt-typ=\"element_view\"><span class=\"callout__text\"> Get the latest from Naimul Karim straight to your inbox <\/span><button class=\"button button--icon button--primary-alt\" data-id-login-redirect=\"https:\/\/financialpost.com\/author\/nkarim\/newsletters\/\" type=\"button\"><span class=\"button__text\">Sign Up<\/span> <span aria-hidden=\"true\" class=\"button__icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 11 11\" width=\"11\"><polygon points=\"1.1 0 7 6 1.1 12 0 10.9 4.8 6 0 1.1\"\/><\/svg> <\/span><\/button><\/div>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Mar 10, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 49\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"ee98810f-9835-452d-9671-dc502874b8d9\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=HHRA3pZG6RsvmTOsKg8dlw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=SNaftmGi-OhMA8dfztIiog 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=S5Z84khREbAq-gYKYOdmbw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=MNdKNb-Nxke-cJtKPyrdDA 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=Ynn0qvXPw4JICSFAz_P8HQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=BCaF66M2i_RW5JgKmEH6Kg 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=DBO2DHHZpdY7YRxgkQ_DgA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=kR9fd6ia2CV4lQ4-ICEMmw 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=W_s20d2tXexUO-riwYBu4A,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=uuKqEg9zelISvuEndKH4ag 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Hudson&#8217;s Bay plans to liquidate some of its stores, monetize certain retail leases that hold value due to the below-market rent and focus on high-performing retail locations.<\/span> <span class=\"credit\">Photo by Ed Kaiser\/Postmedia files<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">One of Canada\u2019s most prominent department stores, Hudson\u2019s Bay Co., was granted protection from its creditors last week through a court order as it struggles to pay its dues to landlords, vendors and service providers.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">The move will provide the once-iconic retailer \u201cbreathing room\u201d while it seeks additional funding and restructures, it said in a court filing last week.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment4214127227609071023447702287417344\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" 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authors.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__registration_only hidden\">\n<p>THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cWhile very difficult, this is a necessary step to strengthen our foundation and ensure that we remain a significant part of Canada\u2019s retail landscape,\u201d Liz Rodbell, Hudson\u2019s Bay\u2019s chief executive said in a statement on Friday.<\/p>\n<p>Here\u2019s how Hudson\u2019s Bay found itself in this predicament and how it plans to engineer a comeback.<\/p>\n<h2>What did Hudson\u2019s Bay do?<\/h2>\n<p data-async=\"\">On March 7, Hudson\u2019s Bay decided to seek protection from its creditors through the Companies\u2019 Creditors Arrangement Act. The application was granted by the court on the same day.<\/p>\n<p>Judge Peter Osborne, who heard the application at the Ontario Superior Court of Justice in Toronto, said it was \u201chard not to have a sense melancholy when considering\u201d the application, according to a court filing on March 10 that explained why Hudson\u2019s Bay\u2019s application was accepted.<\/p>\n<p>\u201cHudson\u2019s Bay is the oldest company in North America and a very prominent Canadian department store,\u201d he said. \u201cIt was founded in 1670. Now, approximately 355 years later, it is insolvent and seeks protection from its creditors.\u201d<\/p>\n<p>Hudson\u2019s Bay\u2019s application includes a number of requests, such as preventing creditors from acting with respect to the company\u2019s assets and properties for an initial period of 10 days, suspending certain rent payments and ensuring the organization\u2019s bank accounts aren\u2019t restricted.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot20 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories1573201135479733719477394486591488\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Top Stories\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment7259326991900844538727003739652096\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The initial order was immediately granted by the court on March 7, but the next hearing on March 17 could provide further details about the company\u2019s future.<\/p>\n<h2>Why did Hudson\u2019s Bay take this step?<\/h2>\n<p>The company\u2019s court filing seems to suggest that it has been financially suffering for a while now.<\/p>\n<p>Like many other brick-and-mortar stores, the retailer, which has 80 full-line stores across the country, struggled to compete with e-commerce players, it said in the court filing.<\/p>\n<p>To tackle those challenges, the company went private in 2020 to \u201creposition its operations without\u201d public-market pressures and costs and to focus on long-term growth strategies, it said. However, it was soon impacted by pandemic-related closures, which worsened its financial challenges.<\/p>\n<p>With Hudson\u2019s Bay stores under pressure, the company decided to pursue an aggressive e-commerce strategy between 2021 and 2022, investing about $130 million. In 2023 and 2024, it also cut its workforce and marketing budgets, secured $200 million in financing and appointed a new CEO to engineer a turnaround.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment8667444980171228877238616673222656\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The situation has worsened due to a trade war between the United States and Canada, which has created a sense of uncertainty and compelled many investors to wait and watch instead of going through with their plans, economists say.<\/p>\n<p>This trend impacted discussions with potential lenders, Hudson\u2019s Bay said.<\/p>\n<p>\u201cUntil recently, the company was confident it could refinance all or a portion of its credit facilities and improve its liquidity position \u2026 however, the trade war \u2026 made it extremely challenging \u2026 to raise incremental financing and monetize its real estate assets,\u201d the company said.<\/p>\n<p>As a result, the company said it faces \u201csignificant challenges\u201d in paying its dues and has had to defer certain payments for \u201cmany months.\u201d Most recently, it was unable to pay \u201ccertain critical trade creditors.\u201d<\/p>\n<p>Hudson\u2019s Bay is also concerned that without creditor protection, certain landlords could \u201cexercise self-help remedies,\u201d such as locking the company out from its retail stores.<\/p>\n<p>As an example, it said a landlord locked Hudson\u2019s Bay out of a store in Sydney, N.S., on March 7, while a team of bailiffs attempted to seize merchandise from a store in Toronto\u2019s Sherway Gardens mall.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment5900231222381290645361915125039104\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<h2>What\u2019s next?<\/h2>\n<p>For now, Hudson\u2019s Bay plans to liquidate some of its stores, monetize certain retail leases that hold value due to the below-market rent and focus on high-performing retail locations.<\/p>\n<p>Despite the negativity surrounding the company, Rodbell hopes to \u201cre-establish\u201d its foothold.<\/p>\n<p>\u201cHudson\u2019s Bay remains deeply connected to Canada,\u201d she said in a statement on March 7. \u201cOur goal is to re-establish our foothold and ensure the company\u2019s long-term place in the evolving Canadian retail market.\u201d<\/p>\n<p>Retail analyst Liza Amlani, who co-founded Retail Strategy Group, isn\u2019t as positive. She expects store closures and layoffs to take place \u201cno matter what.\u201d<\/p>\n<p>For the Bay to maintain its legacy, it needs investment, she said, and that has been hard to come by considering the visible problems linked to the customer experience in store.<\/p>\n<p>\u201cThere\u2019s only two things I see here,\u201d she said. \u201cEither the stores will close completely \u2026 or there will be a new owner who will invest in the Bay and realize how important the Bay is for the Canadian customer. They have to implement retail fundamentals like visual merchandising standards, customer-obsessed sales associates, delightful experiences and so on.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment9975724513583761540572013771358208\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Retail analyst David Ian Gray said the company needs a new owner that has \u201ca vision and long-term commitment\u201d and the passion to create a \u201cmarket winner,\u201d not simply a \u201ckeep cheap spaces in play.\u201d<\/p>\n<section aria-labelledby=\"moreTopicLabel2805118668222636569907949838794752\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" bank=\"\" ceos=\"\" received=\"\" pay=\"\" increases=\"\" in=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Dave McKay, Royal Bank of Canada's chief executive, saw his total pay jump to $25.9 million last year, up from $16.1 million in 2023.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/rbc-mckay-gs0307.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=pfACp0ySf2dYfZgjEGHtnw\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/rbc-mckay-gs0307.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=qYtWD6g5ioyd0G8Qv5xb7A\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/rbc-mckay-gs0307.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=pfACp0ySf2dYfZgjEGHtnw, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/rbc-mckay-gs0307.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=z7Nfn25dXtC-XH9Bu51pnQ 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/rbc-mckay-gs0307.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=YjJ4PFn4qfXscgCSKt1o5g 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Canadian bank CEOs received pay increases in 2024<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" reduces=\"\" pay=\"\" for=\"\" executives=\"\" amidst=\"\" aml=\"\" failure=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"After two successive misses, TD met analysts\u2019 first-quarter expectations last week as it reported higher profits in its Canadian personal and commercial banking and wholesale banking segments.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0306-bc-tdbank.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=Z0gKr2KiY2QRMr7Q4srJZQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0306-bc-tdbank.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=RRuAV_2DO6EQsWZZDh5MqQ\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0306-bc-tdbank.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=Z0gKr2KiY2QRMr7Q4srJZQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0306-bc-tdbank.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=W3g36KqfbjWBk0N2coYYoQ 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0306-bc-tdbank.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=RNpU-1qnJi_HxgtG2w8wiw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">TD reduces pay for executives amidst AML failure<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" tariffs=\"\" impede=\"\" america=\"\" sauce=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Dave McKay, chief executive of Royal Bank of Canada, during an event at the Canadian Club in Toronto, Ont.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=0dPeSpR1wQuzJDH_CTAX5g\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=oITIIAzp3KaohZe1tjcgRQ\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=0dPeSpR1wQuzJDH_CTAX5g, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=ZP55ZX1QWcIUbXVcRYd3aA 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=uuVH_Es4afMedlOdVgHLxQ 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Trump&#8217;s tariffs impede America&#8217;s &#8216;secret sauce&#8217;<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>Even if Hudson\u2019s Bay survives the creditor-protection process, it will have to undergo a lot of changes, he said.<\/p>\n<p>\u201cIt would have to be smaller and very selective about its markets. I\u2019ve heard 20 stores or more are still profitable, so that\u2019s a likely base, but they may not be the right spaces for the long run,\u201d he said. \u201cHBC would need to connect with a new customer profile and grow it patiently. Take steps back to move forward. It needs to overcome the recent sad-state image dominant in the minds of younger consumers.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: nkarim@postmedia.com <\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>What&#8217;s next for Canada&#8217;s iconic store, the Hudson&#8217;s Bay?<\/a><br \/>\n<br \/>2025-03-10 20:19:02<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Retail &amp; Marketing The company\u2019s court filing seems to suggest that it has been financially suffering for a while now Get the latest from Naimul&#8230;<\/p>\n","protected":false},"author":2,"featured_media":57185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-57184","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/57184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=57184"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/57184\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/57185"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=57184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=57184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=57184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}