The end may be near for Canada’s oldest company.
One week after they commenced proceedings under the Companies’ Creditors Arrangement Act for creditor protection, Hudson’s Bay announced late Friday night that it had filed documents with the Ontario Superior Court of Justice indicating that it has only secured limited financing that will require the full liquidation of the entire business.
Court documents show that the company owes more than $950 million to creditors, including suppliers and landlords.
A store-by-store liquidation process will begin as soon as next week.
Despite this, the company said it remains hopeful that key…
