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Unless it finds a more viable path forward, it appears an iconic Canadian retailer will be permanently closing its doors.
Hudson’s Bay announced late Friday night it will begin liquidating its entire business as soon as next week, putting more than nine-thousand jobs at risk.
The department store chain, that dates back to 1670, says it’s been forced into a full liquidation after “exhaustive” efforts failed turn up the financing needed to stay alive.
Court filings show the company owes more than $900-million to creditors, landlords and suppliers, including fashion heavyweights like Ralph Lauren, Chanel, Columbia Sportswear and Estee Lauder.
There is no denying 2024 was a tough year for business.
According to the figures from Alares Credit Risk Insights, insolvencies numbers reached an all-time high last year.
Inadequate cash flow, poor strategic management and trading losses are some of the top reasons companies go under.
ASIC’s latest insolvency data for the fourth quarter from October to December 2024 revealed a staggering increase in the number of Australian companies failing.
During that period 3,852 companies entered external administration, a 48.5 per cent increase on the corresponding 2023 quarter which saw 2,593 enter insolvency.
Experts lend their advice
Insolvency expert Andrew Spring, partner at Jirsch Sutherland, has seen a notable increase in…
Despite holding out hope it can avoid a full shutdown, Hudson’s Bay says it is planning an “immediate” liquidation that would begin next week and wrap up in June. The company said 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 Q3 2024 national accounts, released this month, revealed that Australia’s economy grew by only 0.8% over the year, the weakest annual growth since the early 1990s recession.
The situation was worse adjusting for population growth, with real per capita GDP declining for six consecutive quarters.
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The market (private) sector has borne the brunt of the decline, with public demand driving the economy’s growth over the last three quarters.
Australia’s market sector has also experienced near-zero job growth since Q4 2022.
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Given the fundamental weakness of Australia’s market sector economy, it makes sense that business insolvencies have soared.
New ASIC data published by The Australian shows that almost 26,000…
Despite holding out hope it can avoid a full shutdown, Hudson’s Bay says it is planning an “immediate” liquidation that would begin next week and wrap up in June.
In a late Friday announcement, Canada’s oldest company said it couldn’t secure the necessary financing to keep at least some of its empire alive.
A closure of the entire business, which is planned pending a court appearance set for Monday, would mean job losses for 9,364 employees the company has in Canada across its Hudson’s Bay stores, as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations it owns through a licensing agreement.
Though the situation looks bleak, the company said it remains optimistic it can drum up capital and find a solution…
TORONTO — The death knell is ringing for Canada’s oldest company.
Hudson’s Bay announced Friday night that unless it finds a more viable path forward, it will begin liquidating its entire business as soon as next week, putting more than 9,000 jobs at risk, including 58 in Windsor.
The department store chain that dates back to 1670 and now spans 80 stores said 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.
A closure of the entire business, which is planned pending a court appearance set for Monday, would mean job losses for 9,364 employees the company has in Canada across its Hudson’s Bay stores, as well…
TORONTO — Despite holding out hope it can avoid a full shutdown, Hudson’s Bay says it is planning an “immediate” liquidation that would begin next week and wrap up in June.
TORONTO — Despite holding out hope it can avoid a full shutdown, Hudson’s Bay says it is planning an “immediate” liquidation that would begin next week and wrap up in June.
In a late Friday announcement, Canada’s oldest company said it couldn’t secure the necessary financing to keep at least some of its empire alive.
A closure of the entire business, which is planned pending a court appearance set for Monday, would mean job losses for 9,364 employees the company has in Canada across its Hudson’s Bay stores, as well as three Saks Fifth Avenue stores and 13…
The Tokyo-based society conducted the internet questionnaire survey on 93 men in their 10s to 50s who had received support from the organization. All of them gave their answers.
Respondents who started online gambling after learning of it on “advertisements or social media” accounted for 23.7 %, the biggest group.
Those who “became interested by watching videos on YouTube or other services” came next at 22.6 %.
Other popular answers included they “liked gambling and games” and “friends or acquaintances recommended” online gambling to them. Of the total, 30.1 % started borrowing money “within a week” after using online casino services for the first time, and an additional 33.3 % did so “within a month.”
One week after they commenced proceedings under the Companies’ Creditors Arrangement Act for creditor protection, Hudson’s Bay announced late Friday night that it had filed documents with the Ontario Superior Court of Justice indicating that it has only secured limited financing that will require the full liquidation of the entire business.
Court documents show that the company owes more than $950 million to creditors, including suppliers and landlords.
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A store-by-store liquidation process will begin as soon as next week.
Despite this, the company said it remains hopeful that key…
