Hudson’s Bay, a retailer with roots in Canada dating back more than 350 years, is facing liquidation after failing to secure the financing it needs to keep its stores open.

The department store chain, which labels itself as Canada’s oldest company, fought to avoid a full shutdown in a Toronto courtroom on Monday. A lawyer for the company said the retailer’s efforts to resolve its cash crisis have “failed” and that without a workable solution for creditors and landlords, the company would be forced to fully liquidate.