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HBC, founded in 1670, is Canada’s oldest company and has played a defining role in the nation’s history from the fur trade to the modern department store era.
But now, with mounting debt and unsuccessful attempts to secure new investment, the retailer is preparing for a possible full-scale liquidation of its 80 Hudson’s Bay stores, as well as its three Saks Fifth Avenue and 13 Saks Off Fifth locations in Canada.
However, the company is still seeking a last-minute rescue. If a buyer or new investor steps forward during the liquidation process, some stores could be removed from the sell-off.
“What we do know is that we need to bring in additional capital to make it possible,” HBC lawyer Ashley Taylor told the court. “And we…
Canada’s largest and oldest business owes close to $1 billion to creditors and suppliers. CTV’s Mason DePatie reports.
TORONTO — A full liquidation at Canada’s oldest company could begin as soon as Tuesday and last for up to 12 weeks, but Hudson’s Bay is still holding out hope that it will find a lifeline.
Lawyers for the beleaguered retailer said in an Ontario court Monday morning that if approved by the judge, the liquidation would span all 80 stores as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.
The process Hudson’s Bay is proposing would allow the retailer to remove some stores from the liquidation process, should it find sufficient financing…
Adam Carr has joined Brisbane-based law firm James Conomos Lawyers (JCL Law Partners), a specialist law firm providing services in commercial litigation and insolvency.
Carr brings a unique understanding of the insolvency industry to the Brisbane-based law firm, having held roles at regulators for both personal and corporate insolvency.
His most recent role was at ASIC as an executive level 1 lawyer working across the Assetless Administration Fund and within the enforcement and compliance group focused on regulating the registered liquidator population.
Before this, Carr worked as an associate in the Brisbane office of national law firm Taylor David.
Carr also held previous roles at ASIC and the Australian Financial Security…
Company says attempts to secure financing to pursue a restructuring transaction have failed
A prominent Canadian business with a long history tied to that of the country itself has announced it will begin a store-by-store liquidation process.
Hudson’s Bay Company ULC, which comprises the retailer Hudson’s Bay and TheBay.com, recently announced it has filed documents with the Ontario Superior Court of Justice indicating that, despite exhaustive efforts to secure sufficient financing to pursue a restructuring transaction under the Companies’ Creditors Arrangement Act (CCAA), it has only secured limited debtor-in-possession financing that will require the full liquidation of the entire business.
These Forever 21 locations in Virginia and North Carolina are beginning liquidation sales:
VIRGINIA, USA — More than 350 Forever 21 clothing stores are beginning liquidation sales across the country as the company files for Chapter 11 bankruptcy protection amid declining mall traffic in the U.S.
According to bankruptcy paperwork filed Monday by F21 OpCo, which runs Forever 21 stores, the company will wind down business in the U.S. while determining if the brand can continue with a partner, or whether it will sell off some or all of its assets.
It’s unclear how long the liquidation process will be, or when…
Company says attempts to secure financing to pursue a restructuring transaction have failed
A prominent Canadian business with a long history tied to that of the country itself has announced it will begin a store-by-store liquidation process.
Hudson’s Bay Company ULC, which comprises the retailer Hudson’s Bay and TheBay.com, recently announced it has filed documents with the Ontario Superior Court of Justice indicating that, despite exhaustive efforts to secure sufficient financing to pursue a restructuring transaction under the Companies’ Creditors Arrangement Act (CCAA), it has only secured limited debtor-in-possession financing that will require the full liquidation of the entire business.
Ola Electric share prices traded at their lowest since listing after news that two suppliers had filed an insolvency petition with the NCLT in Bengaluru, alleging non-payment of dues amounting to a cumulative ₹22.5 crore. Ola Electric has disputed the claim and said that it is fighting it legally.
The company’s shares were trading at ₹46.91, down by 7.18 per cent on the BSE, marking their lowest since being listed on the exchanges. Ola Electric debuted on the exchanges on August 9 at ₹76 per share. The stock surged to ₹126.21 on August 23, reflecting a remarkable 66 per cent increase.
Ola Electric informed the exchanges that it had received a petition from Rosmerta Digital Services Limited, an operational creditor of Ola…
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By Tara Deschamps
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TORONTO — A full liquidation at Canada’s oldest company could begin as soon as Tuesday and last for up to 12 weeks, but Hudson’s Bay is still holding out hope that it will find a lifeline.
Lawyers for the beleaguered retailer said in an Ontario court Monday morning that if approved by the judge, the liquidation would span all 80 stores as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.
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