Canadian Retailer Hudson’s Bay Moves to Restructure (Correct)

Hudson’s Bay, a historic Canadian department store chain, has sought protection in its home country and intends to restructure after failing to secure financing to shore up its cash reserves.

The company sought creditor protection with the Ontario Superior Court of Justice on Friday, according to a statement. Bloomberg reported earlier the retailer was planning to file for bankruptcy.

The court has appointed Alvarez & Marsal Canada Inc. to oversee the proceedings, according to the statement.

Hudson’s Bay operates as a standalone Canadian business under Hudson’s Bay Co., which is North America’s longest continuously operating company, with headquarters ...