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A chapter that started in 1670 could be coming to a close as Canada’s oldest company possibly will begin store-by-store liquidation.
Hudson’s Bay Company ULC, which includes Hudson’s Bay and TheBay.com, filed documents late last week with the Ontario Superior Court of Justice to liquidate the business. According to the filed documents the liquidation request is despite efforts to secure sufficient financing to go forward with a restructuring transaction under the Companies’ Creditors Arrangement Act.
A release from the company reads, “This alternative would necessitate significant capital and immediate and substantial cooperation from landlords and other critical partners.”
TORONTO — Hudson’s Bay spent Monday in court asking for permission to begin a liquidation of all of its stores as early as Tuesday, even as it holds out hope that it will find a lifeline.
TORONTO — Hudson’s Bay spent Monday in court asking for permission to begin a liquidation of all of its stores as early as Tuesday, even as it holds out hope that it will find a lifeline.
But a judge kept any decisions on hold for now while he considers the company’s case.
Lawyers for the beleaguered retailer asked Ontario Superior Court judge Peter Osborne on Monday to allow the company to start liquidating all 80 of its stores, as well as the three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a…
Hudson’s Bay liquidation sales could start as soon as Tuesday
Hudson’s Bay is seeking court permission to begin liquidation of the business. Alan Carter and Kris McCusker discuss the company’s fate, and whether any stores can be salvaged.
Major New Zealand cherry grower, Cherri Global has been placed into liquidation after failing to raise capital. According to industry sources this does not come as a surprise after a major change in ownership after they failed to pay back loans.
This news comes five months after the sale of its main cherry orchards in Otago. The company has struggled to fund debts taken on to fund orchard redevelopment. Cherri Global is said to owe $42m.
The company was setup by Rockit apples founder Phil Alison in 2017.
Major New Zealand cherry grower, Cherri Global has…
A liquidation at all Hudson’s Bay stores could start as soon as tomorrow and last for up to 12 weeks.
Lawyer Ashley Taylor said in court this morning that the liquidation being sought will span 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.
Taylor says the company is pursuing a full liquidation because its attempts at finding financing to help the business continue on have only drummed up $23 million in cash, far less than what Hudson’s Bay requires.
If approved by a judge, the retailer’s proposal would allow it to remove some stores from the liquidation, should it find additional financing during the 10 to 12 weeks…
The Forever 21 store at the Oxford Valley Mall is set to close in the coming weeks as the company initiates an “orderly wind down” of its operations.
The announcement follows Forever 21’s filing for Chapter 11 bankruptcy, a move that will result in liquidation sales at its remaining stores and on its website, which will remain open until operations cease, the company said on Sunday.
“On behalf of the company, I’d like to express our deep appreciation for the hard work of our dedicated employees and their commitment to our customers,” said Brad Sell, the company’s chief financial officer, in a statement. “We are also grateful…
One of New Zealand’s largest cherry growers, Cherri Global, has gone into liquidation. Creditors have until April 8 to register their claims with the appointed liquidators.
Cherri Global, with orchards in Hawke’s Bay and Central Otago, and subsidiary companies Cherri Holdings and Cherri Machinery, was placed in liquidation on March 8 through a special resolution of shareholders.
Janet Sprosen and Stephen White of PwC New Zealand were appointed liquidators.
According to the first PwC report, more than 30 unsecured creditors are owned about $42 million, probably including the founder Phil Alison and his family, wholesale investors and loans among the three inter-related companies.
