TORONTO: Hudson’s Bay Co (HBC) has fought to avoid a full shutdown in a Toronto courtroom, asking for permission to begin liquidating most of its stores this week.
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.
HBC, which owes about C$1.1bil (US$770mil) in secured debt, sought authorisation to sell inventory over the next three months to raise cash.
Justice Peter Osborne…
