The department store chain, founded in 1670, can't pay its debts and says the pandemic, inflation and now trade tensions have hurt its financial future.

The HBC store in downtown Vancouver is currently assessed at $194,674,000 but is considered much more valuable. A conditional agreement was signed in 2018 with an offshore buyer to sell the historic site for $675 million, but the deal never completed.

Through its long history, the department store underwent numerous repositionings, remerchandisings and ownership changes, but never recovered from the pandemic.

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.

One of Canada’s most prominent department stores , Hudson’s Bay Co. , was granted protection from its creditors last week through a court order as it struggles to pay its dues to landlords, vendors and service providers.

The restructuring process Hudson's Bay kicked off Friday will likely see Canada's oldest company shrink as it works to stay alive.