Hudson’s Bay Co. nears liquidation, 9,300 jobs threatened

Canadians are rallying around the "Buy Canadian" movement, driven by trade tensions with the United States. Early reports show that U.S. businesses are seeing significant declines, with bookings down 85% for tour operators and struggling American distilleries. In contrast, Canadian grocery stores have reported a 10% increase in sales of domestic products. Some Americans are even choosing to buy Canadian to oppose former President Trump's trade policies. In a related development, Canada has seen a decline in its temporary resident population for the first time in three years. Statistics Canada reported about 30,000 fewer temporary residents as of January 1, 2025. This change follows new policies aimed at reducing immigration levels, impacting international students and permanent resident intake. The decline suggests that Canada may be facing a demographic slowdown. Efforts to boost interprovincial trade in Canada are gaining traction. While trade levels have not changed much since the early 1990s, a report notes that about $530 billion in goods and services moved between provinces in 2023. The current political climate is pushing leaders to break down barriers, especially in light of U.S. tariffs. Hudson’s Bay Co. has received court approval to begin liquidating most of its stores, leaving only six locations open. This decision follows financial struggles and limited funding after the retailer sought creditor protection earlier this month. Over 9,300 jobs are at risk as Hudson’s Bay, a historic retailer, faces an uncertain future. Finally, Canadians are bracing for a chaotic tax season. Last-minute changes, such as the reversal of a proposed capital gains tax hike, have created confusion. Delays in tax form issuances have further complicated the situation, prompting the Canada Revenue Agency to allow extensions for some taxpayers and organizations without penalties.