TORONTO — Canada’s oldest retailer, Hudson’s Bay, has filed for creditor protection and intends to restructure the business.

The department store company that dates back to 1670 announced the move Friday evening, saying it has been facing “significant” pressures, including subdued consumer spending, trade tensions between the U.S. and Canada, and post-pandemic drops in downtown store traffic.

As part of its filing Friday, Hudson’s Bay said it was exploring several strategic options to strengthen its business and said it would not make promises but is committed to preserving jobs where possible.

The company has 80 Hudson’s Bay locations that sell everything from apparel and housewares to cosmetics and furniture. — Associated Press