Hudson’s Bay reportedly set to liquidate 6 remaining stores amid buyer despair

What’s going on at Hudson’s Bay?

A new court filing claims that Hudson’s Bay — Canada’s oldest retailer — will begin liquidating its six remaining Canadian stores on April 25.

The company’s legal team said in an affidavit that there’s a “low probability” of finding a suitable buyer for the following six locations:

• The Yonge Street location in downtown Toronto (flagship)
• The Yorkdale Mall location in Toronto
• The Hillcrest Mall location in Richmond Hill, Ontario
• The downtown Montreal location
• The Carrefour Laval location in Laval, Quebec
• The location in Pointe-Claire, Quebec

However, if a bid for the stores is received as next week’s deadline looms, Hudson’s Bay stated that it retains the right to remove the stores from the liquidation process.

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State of Hudson’s Bay

Hudson’s Bay officially filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in March.

Facing nearly $1 billion in debt, the company has been trying to avoid a total shutdown by restructuring — closing half of its stores and selling off prime retail leases to raise capital.

However, it wasn’t able to secure the financing needed to move forward with that plan.

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