The retailer, which was granted approval Friday to begin liquidation, plans to close all but six of its 80 Bay stores, as well as two Saks Fifth Avenue and 13 Saks Off 5th stores. The company employs more than 9,300 workers in Canada. (The Globe and Mail)

Talking point: Hudson’s Bay was granted creditor protection on March 7, but attempts to save the business were unsuccessful. Liquidation sales began Monday and will continue until mid-June. Employees will be paid for as long as they continue working for Hudson’s Bay, the company said. Severance claims from the looming layoffs could total more than $100 million, Andrew Hatnay of Koskie Minsky LLP estimated. However, The Globe and Mail reported that the company doesn’t plan to offer terminated employees severance pay. It has assured employees that the HBC Pension Plan assets are held in trust and is able to fully pay benefits owed to members.