Hudson’s Bay is set to be back in court Monday morning where it will seek approval to begin liquidating its entire business, putting more than 9,000 jobs at risk.

The department store holding 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 that it can drum up capital and find a solution with key stakeholders, particularly its landlord partners, to avoid a full shutdown.

In an application to the Ontario Superior Court of Justice, Hudson’s…

US-origin Fashion brand, Forever 21’s operator F21OpCo filed for Chapter 11 bankruptcy on Sunday. This is the second time in six years the retailer has taken the decision amidst withering sales. As Forever 21 fails to remain profitable, the company said the liquidation sales at their stores will soon follow.

In the ever-increasing e-commerce market, brands with little to no online presence struggle to make the cut. Diminishing revenues and minimal footfall has led Forever 21 to this state the second time. Moreover, a court-supervised sale and marketing process for some or all of its assets is also in the foreseeable future.

Being unable to find a buyer for its 350 stores across the US, F21OpCo’s CFO, Brad Sell, expressed that…

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.

A popular car parts, camping and DIY supplier has entered voluntary liquidation, as a sale of its remaining stock is set to take place later this month.

Autoplus Limited, based in Norton, Stockton, entered voluntary liquidation on March 10, leaving customers and staff devastated by the news.

The liquidation resulted in job losses for several employees, while loyal customers have expressed their disappointment at the closure of the long-standing business.

Many have taken to social media to share their frustration and sadness, with some describing the store as a “lifeline” for affordable automotive and camping essentials and mentioning that they were “gutted” at the news.

In a statement that appeared online, the business said: “Autoplus…

The free fall in Ola Electric share price came after Rosmerta filed an insolvency petition against its subsidiary Ola Electric Technologies for allegedly defaulting on payment

Shares of Ola Electric Mobility plummeted over 7% in the morning trade today to hit an all-time low at INR 46.94 apiece, dragged down by the company’s disclosure that one of its subsidiaries is facing bankruptcy proceedings.

In an exchange filing on Saturday (March 15), the Bhavish Aggarwal-led company said that Rosmerta Digital Services filed an insolvency plea before the Bengaluru bench of the National Company Law Tribunal (NCLT) against its subsidiary Ola Electric Technologies. 

Rosmerta has alleged that Ola Electric Technologies defaulted on payments…

As many as 40,943 applications were filed under the the Insolvency and Bankruptcy Code (IBC), of which 28,818 applications involving Rs 10 lakh crore were resolved even before admission, Union Minister of State for Corporate Affairs Harsh Malhotra said in Lok Sabha on Monday. He also said that the introduction of the IBC in 2016 significantly benefited India, improving its global rank by 56 places to reach 52 in 2019 from 108 in 2018.

“Under IBC, 40,943 applications were filed of which 28,818 applications were resolved even before admission. This itself is a big achievement. Of those resolved, the total amount involved was around ₹ 10 lakh…

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