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

The department store company that dates back to 1670 said in a statement it has been facing significant pressures including subdued consumer spending, trade tensions between the U.S. and Canada and post-pandemic declines in downtown store traffic.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

The company’s hulking footprint spans 80 Hudson’s Bay locations that sell everything from apparel and housewares to cosmetics and furniture.

Through a licensing agreement, it also owns three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada, which will continue to operate.

Saks Global, which owns U.S. Saks locations as well as Neiman Marcus and Bergdorf Goodman stores is not connected to the creditor protection filing.

Hudson’s Bay said it was exploring several strategic options to strengthen its business and said it would not make promises but was committed to preserving jobs where possible.

The company spent the last several years in a state of deterioration as it closed several stores and carried out several rounds of layoffs, citing challenging headwinds.