Unfortunately I think the Bay is done either way. Department stores that aren't discount places like Walmart face a tough battle. In today's world the mall itself is basically one large department store, offering much better options than a contained department store. Even with financial re-structuring I would be surprised if the Bay lasted more than 2-3 years.
I could see the Bay coming back as a smaller store selling products using the Bay branding
I could see the Bay coming back as a smaller store selling products using the Bay branding