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

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.

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.