The Hudson’s Bay Company will begin liquidating all merchandise on Friday at its final six stores, signalling an apparent end to one of Canada’s most storied retail legacies.

These locations were initially spared from broader liquidation of the company’s 90 other stores but now face closure after efforts to secure a buyer or investor failed to gain traction. The move casts a long shadow over the future of Canada’s oldest company, founded in 1670.

The final six stores include flagship downtown locations in Toronto and Montreal; Yorkdale Shopping Centre in Toronto; Hillcrest Mall in Richmond Hill, Ont.; CF Carrefour Laval in Laval, Que.; and CF Fairview Pointe-Claire in Pointe-Claire, Que. A Saks location in the downtown Toronto store is also affected. That Saks store was previously excluded from the liquidation.

In a court affidavit filed Wednesday, Adam Zalev, managing director of financial advisory firm Reflect Advisors, stated that a buyer for the six remaining stores is “unlikely” to materialize. Court-appointed monitor Alvarez & Marsal reported the filing of the affidavit.

“The continuation of operations at these six stores is negatively impacting the company’s ability to attract interest,” Zalev wrote.

He cited a “low probability” that any bid focused on such a small-scale retail model would emerge.

Despite the dismal outlook, Zalev noted that Hudson’s Bay retains the right to remove any of the six stores from liquidation if a viable offer is received before the process concludes on June 15.

Hudson’s Bay spokesperson Tiffany Bourré declined to comment further to the Canadian Press.

The company filed for creditor protection in March and almost immediately began to liquidate most stores and other assets as part of a widespread closure plan. The Bay attributed its financial struggles to ongoing effects from the COVID-19 pandemic, reduced foot traffic in downtown cores, and economic challenges stemming from the U.S. trade war.

The court previously approved the liquidation of dozens of Bay stores, along with 13 Saks Off Fifth locations and several Saks Fifth Avenue sites across Canada. The closures have placed more than 9,000 jobs at risk.

As part of its restructuring efforts, Hudson’s Bay initiated a dual-track process to attract investors or buyers willing to purchase company assets or assume leases. A court filing earlier this week indicates that 18 interested parties, including landlords, submitted letters of intent for a total of 65 leases.

While the doors of the last Bay stores prepare to close, advocates, including museum operators and Indigenous groups, are also raising concerns about preserving historical war memorials and artifacts housed in some flagship locations. The company has indicated that it will sell its artifacts dating back to the 1600s.

With liquidation sales now set to commence at the final six stores, the company’s future and long-standing place in Canadian retail history remain uncertain.

But the Hudson’s Bay name will likely live on in some way, because the company’s intellectual properties are to be sold as the company proceeds through creditor protection.

Pictured: Bay store at Yorkdale Shopping Centre in Toronto.

Photo: Hudson’s Bay Company

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