Hudson's Bay to lay off 8,000 employees by June 1, close all stores

A large number of people are about to lose their jobs in Canada, with the country's oldest company Hudson's Bay announcing the closure of all stores by Sunday, which will make more than 8,000 of its employees unemployed.

Hudson's Bay has said that it will lay off 8,347 or 89 percent of its employees by June 1. At the same time, about 899 of the remaining employees will be terminated around June 15.

It is worth noting that Hudson's Bay is a 355-year-old company, which filed for creditor protection in March, citing a slow recovery from pandemic losses, low traffic and a tariff war with the United States.

Hudson's Bay has 80 stores across Canada that the company is closing. It says it failed to raise the necessary funds to operate these stores.