It could be the beginning of the end for Canada's oldest retailer.
The Hudson's Bay Company (HBC) was in a Toronto court on Monday, asking an Ontario Court of Justice judge to allow the company to liquidate its entire business.
The Toronto Star reported Monday that liquidation at all 96 stores could start as soon as Tuesday and last up to 12 weeks.
The company, founded in 1670, was still optimistic that at least some stores could remain operating as HBC went through credit protection.
"While the applicants remain hopeful that a restructuring solution may still be identified...the only interim financing that the applicants could secure requires an immediate inventory liquidation," read court documents that were reported by The Star.
Should HBC not secure additional funding, almost $415-million in inventory may be liquidated.
Locations in southwestern Ontario include Devonshire Mall in Windsor, Masonville Place, and White Oaks Mall in London.
Unifor, which represents 320 HBC employees in Windsor, Kitchener, Toronto Sherwood Gardens, and the Toronto e-commerce warehouse, has asked the company to be mindful of workers' wages, pensions, and benefits.
-with files from Adelle Loiselle