4 weeks ago
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Author of the article:
The Canadian Press
Tara Deschamps
Published Mar 26, 2025 • 1 infinitesimal read
TORONTO — Hudson’s Bay is asking an Ontario tribunal to o.k. a restructuring statement that volition springiness it a abbreviated timeline to prevention the six stores it precocious spared from liquidation.
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Lawyers for the ailing section store privation support to determination guardant with an statement it struck with lenders that volition unit it to commencement liquidating the stores it rescued connected April 5, if it hasn’t recovered a apt transaction that volition repay immoderate of what it owes lenders by April 4.
Ashley Taylor, a lawyer for Hudson’s Bay, says the statement wasn’t precisely what the section store wanted but was the champion statement it could find arsenic it remains successful creditor protection.
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Taylor says the institution would person preferred an statement that allowed it to prevention much stores and springiness it much clip to find a mode forward.
Hudson’s Bay’s petition to Ontario Superior Court justice Peter Osborne to o.k. the restructuring statement comes arsenic the bulk of its 80 stores, 13 Saks Off Fifth locations and 3 Saks Fifth Avenue shops began liquidation income this week.
Last week, the institution was temporarily capable to prevention its Toronto flagship determination connected Yonge Street, a store successful the city’s Yorkdale promenade and different astatine Hillcrest Mall successful Richmond Hill, Ont. The remaining 3 survivors are located successful the downtown Montreal area, Carrefour Laval promenade and Pointe-Claire, Que.
This study by The Canadian Press was archetypal published March 26, 2025.
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English (US) ·