Canada’s oldest retailer has been granted protection from its creditors while it restructures its business amid a liquidity crisis. (The Logic)

Talking point: “It is hard not to have a sense of melancholy when considering the application before me,” wrote Ontario Superior Court Justice Peter Osborne in his decision to grant the storied 355-year-old business temporary protection from debt holders. As of January 1, Hudson’s Bay owed about $1.13 billion to creditors and had just $3 million in cash on hand, according to Osborne. The company, which has over 9,000 employees, may shut about half of its 80 stores as part of its restructuring plan. The bankruptcy proceedings come less than three months after Hudson’s Bay spun out of HBC after its then-parent company bought rival retailer Neiman Marcus.