Canadian shoppers can expect numerous changes with Hudson’s Bay and sales as the 355-year-old retailer restructures its operations, experts say.

The restructuring process for Canada’s oldest company, which was created in 1670, began Friday after it filed for creditor protection to avoid bankruptcy. The retail chain’s president and CEO Liz Rodbell called it a “very difficult” but “necessary” step.

“I don’t see any indication that they’re planning to close all their stores, but they’re probably going to have to close some of their locations, repurpose some of their locations, and change the way they’re doing business in order to make their operations viable,” David Soberman, professor of marketing and the Canadian national chair of strategic marketing at the University of Toronto, said in a video interview with CTVNews.ca.

While the future of Hudson’s Bay is uncertain, what is certain is that changes are coming.

Soberman said the retailer’s decline is a sad moment for many Canadians and echoes the pattern of other department stores throughout North America that have been struggling, with some going bankrupt or disappearing.

“I guess it’s part of a trend, but it’s a disturbing trend for Canadians because it’s really the only major department store chain that we have left in the country,” Soberman said.

Two scenarios could happen with the creditor protection hearing, with the high probability an unconfirmed number of stores will close, says Liza Amlani, Toronto-based principal and founder of the Retail Strategy Group, which advises retailers and brands to help them improve their operations.

“Either we’re going to see the store just be eliminated ... or we’re going to see a buyer come in and hopefully save the day,” Amlani said in a video interview with CTVNews.ca. “We’re going to see liquidation, definitely. I think we’re going to see a lot happening around the activity within the stores, whether we see a lot of the underperforming stores close, we’re going to see fixtures for sale, we’re going to see more markdowns.”

A source familiar with discussions said Hudson’s Bay is considering shutting about 40 of its 80 stores, The Canadian Press reported Monday. Hudson’s Bay didn’t comment on whether it will close stores.

The retailer has a lot of work ahead “in order to stay in the game,” Amlani said, adding there’s a real possibility it will meet its demise.

“There’s a fear across the market that this will happen, from the vendor community to brands that are in the Bay stores,” she said. “Many of them are preparing for this.”

With files from The Canadian Press