Hudson's Bay Company is nearly a billion dollars in debt, according to court filings that paint a dire portrait of the struggling Canadian department store chain's finances, CBC.ca reported. The documents were submitted as part of its creditor protection filing last week. The company owes a total of $950 million to nearly 2,000 secured and unsecured creditors, including well-known apparel and beauty brands like Adidas Canada, Estée Lauder, L'Oréal Canada, Levi Strauss Canada, Michael Kors Canada, Nike Canada and Ralph Lauren.

Francois-Phillipe Champagne will be named as Canada’s new finance minister when Mark Carney takes over as prime minister on Friday, Bloomberg News reported. Champagne served in several cabinet roles under Prime Minister Justin Trudeau, including foreign affairs, trade, and most recently as industry minister, where he was responsible for foreign investment files, including the government’s use of subsidies to try to attract automakers to build new plants.

The United States' National Coffee Association asked the Trump administration to exempt the product from any tariffs, saying that the already adopted additional duties on Canada and Mexico could increase U.S. prices up to 50%, Reuters reported. In a letter seen by Reuters, NCA President and CEO Bill Murray told U.S.

Canadian households enjoyed a 1.4% rise in net worth during the final quarter of 2024, according to data released today by Statistics Canada. Asset values, minus liabilities, climbed $236.3 billion, InvestmentExecutive.com reported. The country went four for four last year, with increases in each quarter. By year-end, balance sheets were up $1.2 trillion relative to the end of 2023. The figure landed just shy of $17.5 trillion. Financial assets held by Canadian households rose 2% to $10.8 trillion at the end of 2024. That’s the fifth consecutive end-of-quarter record.

The Bank of Canada cut its key interest rate by 25 basis points on Wednesday, citing trade uncertainty with the U.S. for the decision, the Financial Post reported. “In recent months, the pervasive uncertainty created by continuously changing U.S. tariff threats has shaken business and consumer confidence,” said Bank of Canada governor Tiff Macklem, during opening remarks in Ottawa.

President Donald Trump's increased tariffs on all U.S. steel and aluminum imports took effect on Wednesday, stepping up a campaign to reorder global trade in favor of the U.S. and drawing swift retaliation from Europe, Reuters reported. Trump's action to bulk up protections for American steel and aluminum producers restores effective global tariffs of 25% on all imports of the metals and extends the duties to hundreds of downstream products made from the metals, from nuts and bolts to bulldozer blades and soda cans.

Telecommunications company Mitel Networks Corp filed for Chapter 11 bankruptcy protection in Texas late Sunday, seeking to complete a restructuring that will eliminate $1.15 billion in debt, Reuters reported. Mitel entered bankruptcy with $1.3 billion in debt. The company's debt has hampered its ability to quickly adjust to changing demands as businesses shifted to remote and hybrid work in the wake of the COVID-19 pandemic, according to court documents filed on Monday.

Canada will keep in place its retaliatory tariffs against US-made products as long as President Donald Trump persists with a trade war, said Mark Carney, the Canadian prime minister-designate, Bloomberg News reported. “The Canadian government is rightly retaliating with our own tariffs,” Carney said during his victory speech Sunday.

Hudson’s Bay, the Canadian department store chain founded in 1670, is preparing for a bankruptcy filing within days, WSJ Pro Bankruptcy reported. The chain became a stand-alone business following its December 2024 deal to spin off its Saks Fifth Avenue subsidiary through a combination with Neiman Marcus Group. As part of that transaction, Saks acquired Neiman Marcus for $2.65 billion, establishing a new entity called Saks Global, which also owns Bergdorf Goodman. Saks Global isn’t expected to file for bankruptcy itself, only Hudson’s Bay will.

President Donald Trump said that he may implement reciprocal tariffs on Canadian lumber and dairy products as soon as Friday, threatening again to disrupt trade with a major US partner and reigniting a fight over two industries that have long been the center of cross-border disputes, Bloomberg News reported. “Canada has been ripping us off for years on tariffs for lumber and for dairy products. 250% — nobody ever talks about that — 250% tariff — which is taking advantage of our farmers. So that’s not going to happen anymore,” Trump said Friday in the Oval Office.