Insolvency Guardian Media Centre
credit: Canadian Rangers
Hudson’s Bay seeks court approval for full liquidation as financial struggles push the retailer to the brink
TORONTO, ON – The future of Hudson’s Bay hangs in the balance as the embattled retailer awaits a court decision on its request to begin liquidating all 80 of its Canadian stores, along with Saks Fifth Avenue and Saks Off 5th locations it operates under a licensing agreement.
During a Monday hearing at Ontario Superior Court, lawyers for Hudson’s Bay urged Justice Peter Osborne to approve the liquidation, arguing that the company needs…
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Controversial preschool group KleuterZone placed into provisional liquidation News24
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Bankrupt iconic retail chain begins liquidation, closing stores TheStreet
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Wise up and make use of the special debt relief incentive programme City of Tshwane
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Insolvency-related activity increases across Sussex and South East region SussexWorld
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Lester Bonner purchased a tractor, hay baler, and two hay combines for his 113-acre wheat farm when he learned he’d have $50,000 of his loans wiped clean as a result of a debt relief program from the U.S. Department of Agriculture.
Many more farmers invested in their farms in anticipation of the forgiveness of loans administered by the USDA’s Farm Service Agency.
However, they never received it.
Bonner and three Virginia-based farmers of color are suing the U.S. government, which they say broke a contract in 2022 by repealing a $4 billion debt relief program, putting them at risk of losing their farms and livelihoods. The government is arguing that there was no contract.
In February, the U.S. Court of…
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Topline
Plans to liquidate and shut down all 80 Hudson’s Bay stores and e-commerce operations in Canada, along with three Saks Fifth Avenue and 13 Saks Off 5th Avenue locations there, could begin today unless a financial lifeline is found to sustain some operations — a prospect that appears increasingly unlikely, according to CBC.
Hudson’s Bay Chief Executive Officer Richard Baker, 48, of Hudson’s Bay Co. (HBC) The Canadian … [+]
Key Facts
On March 7, the Hudson’s Bay Company filed for creditor protection under the…
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Broadband gear and cloud services company DZS has ceased operations in the US after entering Chapter 7 protection last week.
The company stated that it had entered the liquidation proceeding under Chapter 7 of the United States Bankruptcy Code.
Plano-based DZS said its foreign subsidiaries in Germany, the United Kingdom, and Australia may continue to exist outside of the US liquidation.
“It is with utmost disappointment that we share that DZS was unable to secure the necessary working capital from either its current lender or any prospective lenders to sustain the business going forward,” said DZS in a statement last week.
“As a result, on Friday, March 14, the Company commenced a liquidation proceeding under Chapter 7 of the United States…
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Compulsory liquidations hit decade-long high as firms face rising costs MSN
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Hudson’s Bay liquidation sales could start as soon as Tuesday CityNews Montreal
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The number of companies going into compulsory liquidation hit its highest point in more than a decade last month, according to official data.
Some 393 companies were forced to wind up in February across England and Wales – the highest monthly number since September 2014, the Insolvency Service said.
Compulsory liquidation is when a firm is ordered to shutter by a court because it is unable to pay its debts.
Meanwhile, the number of overall companies closing down fell 7% compared to the same month last year, at 2,035.
That figure, however, includes firms that have chosen to shutter, rather than being forced to stop trading because of having run out of money.
There were 1,520 creditors’ voluntary liquidations, 115…