Canada's oldest business, the Hudson's Bay Company, filed for creditor protection Friday, March 7.
There was no immediate word on what this means for The Bay, its chain of 80 department stores, although the company indicated Friday that there are plans to restructure. The company has other holdings, including the Canadian Saks Fifth Avenue and Saks Off Fifth stores.
“While very difficult, this is a necessary step to strengthen our foundation and ensure that we remain a significant part of Canada’s retail landscape, despite the sector-wide challenges that have forced other retailers to exit the market,” stated president and CEO Liz Rodbell in a press release.
The Prince George store is located at Parkwood Place.
Northern Health announced plans in February to take over the second floor of the store, turning it into office space.
The Canadian Press has more details on this breaking story here.
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