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(Bloomberg) — Hudson’s Bay Co. fought to avoid a full shutdown in a Toronto courtroom on Monday, asking for permission to begin liquidating most of its stores this week.
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A lawyer for Canada’s oldest company, Ashley Taylor, said HBC’s efforts to solve its cash flow crisis have “failed.” Taylor also told a standing-room-only crowd at the Ontario Superior Court of Justice that if the retailer can’t find a workable solution with its creditors and landlords, it would need to fully liquidate.
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HBC, which owes about C$1.1 billion ($770 million) in secured debt, sought authorization to sell inventory over the next three months to raise cash. Justice Peter Osborne adjourned the proceedings…
