Hudson’s Bay asked an Ontario court Wednesday to approve a restructuring agreement that will give it a few extra days timeline to save the six stores it has so far spared from liquidation.
A new version of the agreement will force the retailer to start liquidating those stores on April 8 — if it hasn’t found a likely transaction by then to repay some of what it owes its senior secured lenders, Bank of America, Pathlight Capital and Restore Capital — just three days after the deadline it originally asked for.
Ashley Taylor, a lawyer for Hudson’s Bay, told Ontario Superior Court Judge Peter Osborne the agreement wasn’t “a very satisfying outcome.”
It wasn’t exactly what the department store wanted either, he reasoned, but was the…
