
Well, it’s going out of business because it’s owned by an American real-estate hedge fund who has been deliberately driving it into the ground.
At the end of the day, all of that retail real estate is going to be parcelled up and leased to other companies - probably American.
There are no more Canadian department stores. Woodwards, Eaton’s Simpsons-Sears, Zellers, Woolco, and now The Bay. They’ve all been destroyed by Walmart and Amazon. Beaver, Rona, and Peavey Mart are all destroyed or consumed by Lowe’s and Home Depot.
The primary driver of retail in Canada is now American hedge and venture capitalism, which inherently harms consumers and employees. This is not going to make things better for anyone except the obscenely wealthy.
Hey, question for folks: Are the stores open today? Like right now? Or did they lock up when they announced this?