Insolvency Guardian Media Centre
An exterior view of the Hudson’s Bay store in downtown Calgary, Alberta, on March 10.Amir Salehi/The Globe and Mail
Hudson’s Bay Co. may be forced to close all of its stores and will begin liquidation sales as early as next week.
Canada’s oldest retailer announced late on Friday that “despite exhaustive efforts,” the company has been able to secure only limited financing “that will require the full liquidation of the entire business,” encompassing 80 department stores across Canada.
The Globe and Mail first reported earlier this week that Hudson’s Bay was working on a restructuring plan that could keep roughly half of the stores open, if it could secure financial assistance from its landlords.
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Canada’s oldest company Hudson’s Bay says it will begin liquidating its entire business as soon as next week unless it finds a more viable path forward.
The department store chain with 80 stores says it has been forced toward a full liquidation because exhaustive efforts haven’t turned up the financing the company needs to restructure.
More coming.
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TORONTO, March 15, 2025–(BUSINESS WIRE)–Hudson’s Bay Company ULC (Hudson’s Bay or the Company), the Canadian entity that comprises the retailer Hudson’s Bay and TheBay.com, today 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. A store-by-store liquidation process will begin as soon as next week.
The Company remains hopeful that key stakeholders, particularly its landlord partners, will engage to…
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The collapse of Hudson’s Bay will hit small-town Canada hard The Logic
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Hudson’s Bay Company is nearly a billion dollars in debt, according to court filings that paint a dire portrait of the struggling Canadian department store chain’s finances.
The documents were submitted as part of its creditor protection filing last week. The company owes a total of $950 million to nearly 2,000 secured and unsecured creditors, including well-known apparel and beauty brands like Adidas Canada, Estée Lauder, L’Oréal Canada, Levi Strauss Canada, Michael Kors Canada, Nike Canada and Ralph Lauren.
“The scale is certainly monumental for insolvency proceedings as far as Canada goes. It’s a very large one,” said Dina Kovacevic, editor-in-chief of Insolvency Insider Canada. But it’s not a surprise, she said.
“Retailers in…
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Edward Koemans: “Business model was not future-proof”
On 12 March 2025, the Rotterdam District Court declared Davis Europe bankrupt, appointing Mr A.C.L. Beneder as trustee.
In a statement, CEO Edward Koemans explained that the company had experienced rapid growth prior to the COVID years. “Just before COVID, we had invested — in anticipation of Brexit — in a logistics company with its own warehouse. When COVID hit, it became clear that many of our customers were linked to the hospitality industry, resulting in a drop in sales of 50 per cent or more in some months, which forced us to reorganize.”
…
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Puku Ora Eatery in Gisborne.
Photo: Google Maps / Supplied
A school lunch provider that went into liquidation at the end of January owes Inland Revenue more than $600,000, a liquidators’ report reveals.
Gisborne-based Puku Ora has four business lines, liquidators McDonald Vague said: Catering services, provision of school lunches under a government contract, the Puku Ora Eatery and the manufacture and sale of bone broth.
But the liquidators said in their first report that the business had built up significant tax arrears, which resulted in Inland Revenue serving it with winding up proceedings in January.
Directors said the company failure had been caused by the revenue hit of Covid-19 and Cyclone Gabrielle, and the changes…
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Dozens of schools are losing their canteens – some with just 24 hours notice – as the fallout from a school lunch makers liquidation spreads.
Libelle, which provides about 125,000 meals a day for the government’s revamped school lunch programme, went bust on Tuesday.
Liquidators and the main contractor Compass have stepped into make sure lunches are still being delivered — including flying in heat-and-eat-meals from Australia.
The liquidator Deloitte initially said it was looking at ways to continue the Libelle Group’s other operations around RSE workers, canteens and boarding houses.
More than 60 schools with Libelle-run canteens have been told they will cease trading – some at close of business on Friday.
One school is planning to run…
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Store closing sales enter final days for Big Lots, Party City and more Axios
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Advice available as families face ‘triple whammy’ of rising costs AngusWorld
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Rising LSU Tigers star Flau’jae Johnson is joining forces with Experian to help clear $5 million of debt for families in Louisiana.
As the company announced on Friday, March 14, Johnson will serve as a company spokesperson for Experian’s five million consumer debt relief initiative, which will directly help 5,000 families in the state. In addition to her career as one of the top stars in women’s college basketball—and her music—Johnson is a junior business major, making her the perfect figure to help promote financial literacy.
“You know what’s bigger than basketball? Financial empowerment,” Johnson said in a new commercial. “Finances are tough, and Experian is helping the next generation pursue their dreams. That’s why I’m excited…
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Huge healthcare firm files for Chapter 7 liquidation TheStreet