TORONTO — After a week spent seeking a lifeline, an Ontario court has given Canada’s oldest company permission to start liquidating all but six of its stores on Monday.
The Friday approval from Ontario Superior Court judge Peter Osborne allows the retailer to begin selling off inventory at most of its 80 Hudson’s Bay stores, three Saks Fifth Avenue locations and 13 Saks Off 5th shops in Canada.
“This is the art of the possible and we are where we are today. In my view, there is no other alternative,” said Osborne on Friday.
The six stores being saved from the liquidation sale include the flagship on Yonge Street in Toronto, as well as a store in the city’s Yorkdale mall and another farther north in Hillcrest…
