After filing for and being granted creditor protection under the Companies’ Creditors Arrangement Act (CCAA) on March 7, the Hudson’s Bay Company (HBC) was set to return to court on March 17 with a liquidation plan. However, due to the scale of its insolvency and competing motions filed by affected parties, the court delayed its decision twice this week, before finally granting approval for the liquidation to commence starting Monday, March 24.
In the late-evening on March 14, Hudson’s Bay published a press release announcing that it would undergo a full liquidation unless a last-minute solution materialized. Across the country, HBC operates a total of 96 stores under the Hudson’s Bay, Saks Fifth Avenue, and Saks OFF 5TH brands. A…
