Previously, as Hudson’s Bay Company ULC wrestled with its financing difficulties, it had announced that it would slim its fleet down to only 6 Hudson Bay stores and the one remaining Canadian Saks Fifth Avenue location. At this time, the Company believes that a viable bid for the current six-store model is unlikely, and therefore…
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The number of corporate insolvencies is about to erupt, but what is truly going on behind the increase? Lynne Darcey Quigley from commercial debt recovery advisory firm Darcey Quigley & Co discusses the sharp rise and outlines how corporations can mitigate the risk. In 2022, global corporate insolvency numbers are expected to increase by 33%,…
Hudson’s Bay is liquidating all of its stores. Hudson’s Bay Company’s efforts to stay in business appear increasingly unlikely to pan out. Canada’s oldest company will liquidate its remaining six Hudson’s Bay stores and one Saks Fifth Avenue location, with sales beginning April 25. Hudson’s Bay said it is making the move because it believes that…
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Asia Pacific-based independent spirits distributor Proof & Company has put its Australian business into voluntary administration after facing a “local economic downturn”. Proof & Company is behind EcoSpirits, which sold a minority stake to Pernod Ricard Proof & Company operates in four markets: Singapore, Australia, Hong Kong and New Zealand. Last Friday (25 April), the…
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The Nigeria Deposit Insurance Corporation (NDIC) says it has commenced the payment of N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank, targeting those with account balances above the insured limit of N5 million. In a statement issued on Sunday, the NDIC said the payment began on Friday,…
After triggering liquidations at 86 locations across Canada, the Hudson’s Bay Co. has decided to liquidate its remaining six Hudson’s Bay stores and one Saks Fifth Avenue location. The company had been seeking a buyer for the six stores, but on Friday said it believed that a viable bid for the current six-store model is…