Hudson's Bay begins online liquidation sale in Canada

Hudson's Bay liquidation sale has officially kicked off online and in select stores as part of an ongoing effort to save Canada's oldest company amid financial strife.

There's a silver lining to every rain cloud, you could say. In the case of Hudson's Bay's creditor protection filing and subsequent liquidation announcement, it's the fact that you'll be able to score some pretty decent deals on the department chain's remaining inventory.

Kicking off on the morning of Monday, March 24, the Bay's online store and the majority of its physical locations — except six high-earning locations including the Queen and Yonge flagship and Yorkdale locations in Toronto — are liquidating, and you can already find some decent deals online.

Seemingly taking a page out of Nordstrom's book, the discounts available for The Bay's liquidation sale are still on the lower side as, ostensibly, the company aims to preserve as much revenue as possible.

As of the first day of liquidation, online shoppers can use the tiered discount code "SAVE", which grants 15 percent off purchases of $200, 20 percent off $250 purchases and 25 percent off orders of $300 or more.

This code is also applicable on sale and clearance items, though, so you actually can manage to score some major deals if you keep a keen eye.

Additionally, the retailer's entire designer clothing inventory is currently discounted by as much as 60%, but handbags are not included.

If you were waiting for the right time to pick up those designer jeans you've been drooling over, now would be that time — there's no telling how much longer you'll actually have.

The retailer has said that it aims to have all stores, including its licences Saks Fifth Avenue and Saks Off 5th — save its six survivors — fully liquidated by mid-June, and the spaces vacated no later than the end of the month.

It's likely that, as the liquidation process wears on, greater discounts will be introduced, so, if you're hoping to score some major deals, make sure to keep your eyes peeled.

Don't expect to get your hands on one of those iconic Hudson's Bay striped wool blankets, though; they're completely sold out anywhere, and your best hope at purchasing one of your own is by putting down a small fortune for one on eBay. Nostalgia sells!