Hudson’s Bay Company is nearly a billion dollars in debt, according to court filings that paint a dire portrait of the struggling Canadian department store chain’s finances.
The documents were submitted as part of its creditor protection filing last week. The company owes a total of $950 million to nearly 2,000 secured and unsecured creditors, including well-known apparel and beauty brands like Adidas Canada, Estée Lauder, L’Oréal Canada, Levi Strauss Canada, Michael Kors Canada, Nike Canada and Ralph Lauren.
“The scale is certainly monumental for insolvency proceedings as far as Canada goes. It’s a very large one,” said Dina Kovacevic, editor-in-chief of Insolvency Insider Canada. But it’s not a surprise, she said.
“Retailers in…
