Hudson’s Bay expected to commence liquidation at its final six stores

Hudson’s Bay is expected to start liquidating its final six stores today.

 

A court filing made earlier in the week by a financial adviser to the beleaguered department store says the selloff will begin because there is a “low probability” that the company will find a buyer for its remaining locations.

 

Those locations due to begin liquidation include the flagship on Yonge Street in Toronto, as well as a location in the city’s Yorkdale mall and another farther north in Hillcrest Mall in Richmond Hill, Ont.

The remaining three span downtown Montreal, the Carrefour Laval mall and Pointe-Claire, Que. One Saks Fifth Avenue store is also being added to the liquidation sales.

 

Hudson’s Bay received court permission last month to liquidate 90 of its 96 Bay, Saks and Saks Off Fifth stores by mid-June, while it hunts for investors or buyers that could restructure or maintain the business.

 

If a bid for the stores is received that keeps them alive, the financial adviser’s court filing says Hudson’s Bay retains the right to remove them from the liquidation process.

 

 

 

 

 

This article was first reported by The Canadian Press