Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
TORONTO — Hudson’s Bay’s signature blankets and other striped merchandise are flying off the shelves as Canadians scramble to pick up a piece of the storied retailer seeking permission to liquidate.
Shoppers at the company’s Toronto flagship store Wednesday before the lunch rush, hunted for any product bearing the brand’s distinctive markings that were left on the Queen Street West location’s floor.
Many wound up empty-handed after asking staff for any remaining product, rifling through store drawers and even searching under beds.
Shopper Brian Bursten was among the lucky ones. The Toronto man headed to the store after his nephew requested he scoop up anything with stripes. He snagged a striped pillow another woman had…
Shoppers walking into the Hudson’s Bay Company store in Aberdeen Mall are greeted by a sign informing them the company’s popular rewards program has been suspended amid financial restructuring that could spell the end of some stores.
Clearance signs sat atop racks of clothes at the Kamloops Hudson’s Bay store as shoppers — many carrying items bedecked with historic HBC stripes — browsed the aisles to try and find deals.
Hudson’s Bay has applied for creditor protection, saying it was struggling with financial difficulties amid a decrease in consumer spending. The company announced late last week that unless it finds a viable solution, it will begin liquidating its entire business.
Attorney General Peter F. Neronha announced a suit against Michael Moccia and Palisade Legal Group debt management for deceptive practices.
PROVIDENCE, R.I. – Attorney General Peter F. Neronha announced today the filing of a lawsuit against Michael Moccia and Palisade Legal Group, PLLC, a debt management service provider, alleging they violated Rhode Island’s Unfair and Deceptive Trade Practices Act (DTPA).
As alleged in the complaint, filed in Providence Superior Court, Palisade operated and engaged in unlicensed debt-management services in Rhode Island, disguising their business as a law firm. Additionally, Palisade harmed Rhode Islanders by charging illegal and excessive fees and damaging consumers’ credit scores. Attorney…
The Semarang City Commercial Court has granted the request of one of PT Sri Rejeki Isman’s Tbk (Sritex) creditors to maintain the continuity of debt payment obligations (PKPU), thus declaring the legendary textile company bankrupt.
Semarang City Commercial Court Spokesperson, Haruno Patriadi, said in Semarang, Central Java, on Wednesday, October 23, 2024, confirming the decision that befalls PT Sritex to go bankrupt.
According to him, the decision in the conference led by Chief Justice Muhammad Anshar Majid granted the request of PT Indo Bharat Rayon as a debtor of PT Sritex.
“Granting the complaint request. Canceling the PKPU peace…
Once the former glamour model was said to be worth between £40-45 million. In recent years, the 46-year-old has been declared bankrupt twice but now her solicitor has said Price’s debt has been written off.
The mum-of-five had been declared bankrupt for the second time over an unpaid tax bill of £761,994.05 last year but her solicitor has said this has been cleared just one month after her first bankruptcy from 2019 was dropped.
In the very early days, the Katie Price: My Crazy Life star started out as a glamour model in 1996. From movie roles to documentaries and other TV work, modelling to selling…
The National Company Law Tribunal (NCLT), Mumbai Bench of Ms. Reeta Kohli, Member (Judicial) and Ms. Madhu Sinha, Member (Technical) admitted the Section 7 application filed by Asset Care and Reconstruction Enterprise Ltd on seeking to initiate Corporate Insolvency Resolution Process against Rajesh Buildspace Private Limited due to default in payment of interest.
Brief Facts
The present application filed before the National Company Law Tribunal, Mumbai Bench, by Assets Care & Reconstruction Enterprise Ltd. against Rajesh Buildspace Private Limited to initiate corporate insolvency resolution process.
The dispute arose back to the debenture trust deed executed between Vistra ITCL (India) Limited and the Corporate…
Hassan Nawaz, son of former prime minister and PML-N leader Nawaz Sharif, has been declared a tax defaulter by the UK government.
According to the latest list published on the UK government’s official website, Hassan Nawaz failed to pay £9.4 million in taxes between April 5, 2015, and April 6, 2016.
British tax authorities have not only disclosed details of his outstanding tax liabilities but have also imposed a £5.2 million fine, which is mentioned on the official website.
In November last year, the London High Court of Justice declared Hassan Nawaz bankrupt after he failed to settle his tax obligations.
Details of his bankruptcy have been recorded in the UK Gazette, the official public record for insolvency cases.
Hudson’s Bay Company, one of North America’s oldest retail landmarks, is preparing to liquidate its entire business, marking what could be the end of its storied 355-year history. The announcement, made late Friday night, revealed plans for liquidation could begin as early as the week of March 17, 2025, subject to court approval. The retail giant aims to complete the process by June 15, 2025.
Despite the grim outlook, Hudson’s Bay executives expressed hope for financial assistance from key stakeholders. “Our team has worked incredibly hard to identify a viable path forward, and our resolve is strengthened by the overwhelming support from customers and associates,” stated Hudson’s Bay president and CEO Liz Rodbell….
Canada’s oldest company, Hudson’s Bay, could soon permanently close its doors to customers as it runs out of business more than 350 years after it began.
Financial struggles in an ever-changing retail landscape have pushed the company to the brink as it awaits court approval to liquidate all of its stores across the country.
The case is still being considered by the Ontario Superior Court. Once approved, a store-by-store liquidation process could begin as early as this week, Hudson’s Bay Company says.
The iconic retailer’s liquidation would leave a giant hole in the Canadian retail landscape, said Bruce Winder, a retail expert.
“If they go into liquidation, there’s going to be a massive, gaping hole in retail in…
