Hudson’s Bay Company is seeking court approval to liquidate.
Hudson’s Bay Company is seeking court approval to begin a liquidation of its business.
In court filings, Canada’s oldest retail company said that despite “exhaustive” efforts it was unable to secure adequate funds needed to facilitate a restructuring transaction under the Companies’ Creditors Arrangement Act (CCAA). It only obtained limited debtor-in-possession financing, with the financing not enough to avoid a full liquidation its business. A store-by-store liquidation process will begin as soon as next week barring any last minute solutions.
During the liquidation process, Hudson’s Bay and its licensed Canadian Saks Fifth Avenue and Saks Off 5th stores will…
