The Bay, Canada’s oldest company, is on the verge of liquidating all of its stores under creditor protection.

The retailer is seeking court approval to close all 80 stores across Canada.

The liquidation process is expected to last up to 12 weeks, with the possibility of reversing some closures if the company is able to secure additional financing during that time.

Founded in 1670 during the fur trade era, The Bay has been a cornerstone of Canadian retail for over 350 years.

In Kelowna, The Bay at Orchard Park Shopping Centre opened in 1972, a year after the mall itself launched in 1971.

''I am very sad. I have been shopping here for over 40 years. It is my favourite place to buy clothes and I am really going to miss it," one shopper told Castanet outside The Bay on Tuesday.

''It's a staple in our family. My grandparents always brought me here when I was little so it will be sad,'' another shopper said.

Despite efforts to restructure, Hudson’s Bay filed for creditor protection on March 7, citing financial struggles due to weak consumer spending, trade tensions, and a post-pandemic decline in foot traffic. In response, the company has already suspended its loyalty program and plans to stop accepting gift cards after April 6.

-with files from The Canadian Press