03:12 PM EST, 03/07/2025 (MT Newswires) -- Hudson's Bay, the Canadian department store chain founded in 1670, is preparing for a bankruptcy filing within days, people familiar with the matter said, The Wall Street Journal is reporting Friday.

The chain became a stand-alone business following its December 2024 deal to spin off its Saks Fifth Avenue subsidiary through a combination with Neiman Marcus Group. As part of that transaction, Saks acquired Neiman Marcus for $2.65 billion, establishing a new entity called Saks Global, which also owns Bergdorf Goodman. Saks Global isn't expected to file for bankruptcy itself, only Hudson's Bay will, the people familiar with the matter said.

Hudson's Bay operates more than 80 stores and is one of the oldest companies in North America, tracing its roots to the fur trade during colonial times. The company declined to comment.

Hudson's Bay has been owned since 2008 by a private-equity firm controlled by the American retail and real estate mogul Richard Baker, who has a record of scooping up retailers and often profiting from their valuable real-estate holdings.

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