Hudson’s Bay liquidation sales don’t apply to all products. Which ones?
Global News
Hudson's Bay, Canada’s oldest company, is liquidating all but six of its stores after it filed for creditor protection earlier this month.
Hudson’s Bay has begun liquidating all but six of its stores after the company filed for creditor protection earlier this month.
Here’s how the process is unfolding so far:
Hudson’s Bay is liquidating all but six of its stores. It has 80 stores under the Hudson’s Bay banner, as well as the three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.
The six stores being saved – for now — are the flagship location on Yonge Street in Toronto, as well as a store in the city’s Yorkdale mall and another at Hillcrest Mall in Richmond Hill, Ont. The flagship location in Toronto includes a Hudson’s Bay and Saks Fifth Avenue, which are both remaining open.
The other three stores not liquidating are in the Montreal area. They include the downtown location as well as the Carrefour Laval mall and Pointe-Claire, Que., stores.
The company was able to pull some stores out of liquidation because sales after it began its creditor protection case were high enough to keep the retailer going a little longer.
However, if it doesn’t find a long-term solution, Hudson’s Bay lawyer Ashley Taylor said the six locations could eventually be liquidated as well.
On the other hand, if it secures additional financing, he said the company may be able to save additional stores.
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The move comes as Hudson's Bay winds down all but six of the stores it and its sister Saks companies run as its restructuring under court protection from creditors continues.