As B.C. undergoes its second surge of COVID-19, the province may also witness a second wave of clothing retailers, particularly those that had already been struggling in the preceding years, shutting down due to the pandemic.
This past weekend, a Hudson’s Bay location in Metro Vancouver was shuttered on November 21.
The Hudson’s Bay store at Coquitlam Centre has been reported to have closed down, with a letter from the landlord stating that it had terminated the store’s lease after default on the payment of rent.
According to news reports, the company has not paid rent to eight landlords in B.C., Ontario, Quebec, and Florida.
HBC, which has headquarters in Toronto and New York City, owns Saks Fifth Avenue, Hudson’s Bay, and Saks Off 5th.
On October 19, HBC announced its new dedicated real estate and investments business, HBC Properties and Investments, to manage its assets. HBC owns or controls 40 million square feet of gross leasable area in North America.
Meanwhile, Hudson’s Bay had announced on October 26 that it was launching the Canadian clothing line Club Monaco, which was founded in 1985 in Toronto by fashion designers Alfred Sung and Joe Mimran, who went on to launch Joe Fresh.
The financial impact of the pandemic has resulted in numerous Canadian retailers either being acquired, going bankrupt, or shutting down some or all storefronts, including Montreal-based fashion chains Frank and Oak, Aldo, and Le Château; Calgary-based swimwear chain Swimco; and Vancouver-based outdoor apparel and equipment company MEC and athleticwear company RYU.