Dec. 11, 1992 Woodward's files for court protection from creditors - Action News
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EdmontonFROM THE ARCHIVES

Dec. 11, 1992 Woodward's files for court protection from creditors

As Woodwards celebrated its 100th anniversary, the recession of the early 1990s proved too much for the stores bottom-line. The department store chain owed $65 million to creditors and filed for bankruptcy protection.

Department store chain $65 million in debt

From the archives: Woodward's files for creditor protection

8 years ago
Duration 1:42
On Dec. 11, 1992, the Canadian store chain Woodward's was $65 million in debt and hoped restructuring would save the company.

AsWoodward's celebratedits 100th anniversary, the recession of the early 1990's proved too much for the retail chain's bottom-line.

The Vancouver-based department store owed $65 million to creditors and filed for bankruptcy protection.

Customers who enjoyed $1.49 days for years grew worried forthe future of the company.

"I love Woodward's, I really do. I like coming here and I do all my shopping here," one long-time customer said.
Customers shop at an Edmonton Woodward's. (CBC)

Woodward's planned to restructure the company and hoped that by February 1993 the reorganization would result onlyin a few stores closing.

Some of the chain's 6,000 employees feared for the future.

"It's not the best, naturally, but everybody keeps trying to carry on," one employee told CBC's Kathy Tomlinson.

Nearly one year after Woodward's filed for protection, the department store chain was acquired by the Hudson's Bay Company and many stores were converted to The Bay or Zellers locations.

In the video from Dec. 11, 1992, CBC's Kathy Tomlinson reported how thepotential lossof Woodward'swould affectshoppers and employees.