(Bloomberg) — Hudson’s Bay Co. ULC can begin liquidating all but six of its stores on Monday, an Ontario court decided on Friday, ending an era of department store dominance for Canada’s oldest company.
The Ontario Superior Court approved the retailer’s wind-down proposal as it tries to find restructuring solutions with its creditors and landlords. The liquidation will last until mid-June. Justice Peter Osborne also approved keeping on key employees to help with attempts to restructure the remaining stores.
The six stores spared from the liquidation process are located in Ontario and Quebec, including the flagship Yonge-Queen location in downtown Toronto. HBC owes around C$1.1 billion ($766 million) in secured debt.
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