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Canadian department store retailer Hudson's Bay Company said on Friday it has failed to secure sufficient financing to go ahead with a restructuring transaction
A North Bay company in operation for decades has been deemed bankrupt by the court, and its approximately 50 employees have been let go with severance and pension packages in doubt.
Central Welding & Iron Works was founded by Malcolm (Mac) Yetman and was purchased by partners Glenn Graham and Stefan Thomsen in 1980. Graham later sold his share, and the Thomsen family continued to operate Central Welding, located at 1811 Seymour St. in the east end of North Bay.
The company billed itself as a world-class bridge fabricator and experienced much business success over the decades. Thomsen died in 2021, and the company holdings remained under family control.
Canadian department store retailer Hudson’s Bay Company said on Friday it has failed to secure sufficient financing to go ahead with a restructuring transaction under the Companies’ Creditors Arrangement Act.
Hudson’s Bay
The Toronto-based company said it has only secured limited debtor-in-possession financing that will require the full liquidation of the entire business, added that a store-by-store liquidation process will begin as soon as next week.
Hudson’s Bay said it hopes that key stakeholders, particularly its landlord partners, would explore with it an alternative restructuring path that could preserve jobs and tenancy in retail…
Hudson’s Bay Company is seeking court approval to liquidate.
Hudson’s Bay Company is seeking court approval to begin a liquidation of its business.
In court filings, Canada’s oldest retail company said that despite “exhaustive” efforts it was unable to secure adequate funds needed to facilitate a restructuring transaction under the Companies’ Creditors Arrangement Act (CCAA).It only obtained limited debtor-in-possession financing, with the financing not enough to avoid a full liquidation its business. A store-by-store liquidation process will begin as soon as next week barring any last minute solutions.
During the liquidation process, Hudson’s Bay and its licensed Canadian Saks Fifth Avenue and Saks Off 5th stores will…
Hudson’s Bay is set to be back in court on Monday morning, where it will seek approval to begin liquidating its entire business, putting more than 9,000 jobs at risk.
The department store, which holds the title of Canada’s oldest company, says it has been forced toward a full liquidation because “exhaustive” efforts haven’t turned up the financing it needs to keep at least some of its empire alive.
Given the company’s financial situation, it wants to conclude the liquidation process by June 15.
But it says it remains optimistic it can drum up capital and find a solution with key stakeholders, particularly its landlord partners, to avoid a full shutdown.
The department store, which holds the title of Canada’s oldest company, says it has been…
Hudson’s Bay is set to be back in court on Monday morning, where it will seek approval to begin liquidating its entire business, putting more than 9,000 jobs at risk.
The department store, which holds the title of Canada’s oldest company, says it has been forced toward a full liquidation because “exhaustive” efforts haven’t turned up the financing it needs to keep at least some of its empire alive.
Given the company’s financial situation, it wants to conclude the liquidation process by June 15.
But it says it remains optimistic it can drum up capital and find a solution with key stakeholders, particularly its landlord partners, to avoid a full shutdown.
The department store, which holds the title of Canada’s oldest company, says it has been…
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OECD warns on Trump impact:A warning today on the outlook for the world’s economy. The Organization for Economic Co-operation and Development (OECD) says U.S. President Donald Trump’s aggressive trade policies have set the world onto a path of slower growth and higher inflation. The Paris-based group of the world’s 38 largest economies cut its outlook for most members. It also predicted the pace of global expansion to slow to 3.1 per cent this year and three per cent in 2026 as barriers restrain commerce and rising uncertainty holds back…
Scottish Government funding will allow a scheme set up to help those struggling with council tax debts to be expanded nationwide.
An additional £2.2 million is being provided to Citizens Advice Scotland to roll out the scheme – which is currently being run in nine local authority areas – all across the country.
It comes after local government leaders announced a series of inflation busting increases to council tax bills – with Falkirk Council imposing a 15.6% rise, the highest in Scotland.
The scheme promotes what is described as a “dignified and empathetic approach to debt collection”, with more than 1,600 people so far who are struggling with unpaid council tax having benefited from advice.
Food delivery giant Zomato is facing an insolvency plea filed by uniform supplier Nona Lifestyle, which claims the company has failed to clear dues amounting to ₹1.64 crore, reported Bar and Bench on Monday, March 17. The matter, heard by the National Company Law Tribunal (NCLT), has been adjourned to April 3 after the tribunal urged the petitioner to clarify its next steps.
Allegations of non-payment
As per the report, Nona Lifestyle, a B2B apparel manufacturer, approached the NCLT, seeking to initiate the corporate insolvency resolution process (CIRP) against Zomato over alleged non-payment for uniforms supplied to its delivery partners and other apparel, including merchandise for the ICC World Cup 2023.
