TORONTO – After a week spent seeking a lifeline, Hudson’s Bay says it has found a way to keep six stores open.
Canada’s oldest company is back in court today to seek permission from an Ontario judge to liquidate all but six stores, and hopes to begin that process starting Monday.
The six stores being saved from the liquidation sale include the flagship location on Yonge Street in Toronto, as well as a store in the city’s Yorkdale mall and another farther north in Hillcrest Mall in Richmond Hill, Ont. The remaining three span Montreal, the Carrefour Laval mall and Pointe-Clare, Que.
Hudson’s Bay lawyer Ashley Taylor says the company is making the request because recent sales have exceeded the company’s expectations, allowing the retailer to keep operating six of the stores and pay back interim financing it received from a lender.
The company’s financial troubles have led to a flurry of sales from customers looking to snap up its famed stripes products, for fear the retailer would close up shop for good.
Ashley says the company wants the ability to pull additional stores out of the liquidation should the company find a way forward for even more locations, but he warns if a restructuring solution is not found very quickly, the six stores will be added to the liquidation sale.
Court documents also show the company is looking to wrap up the liquidation sales by June 15, though it didn’t outline how deep the discounts may be.
It’s also asking the judge for permission to vacate the properties by June 30.
Lawyers for the company and its stakeholders are back in court after a week of trying to resolve as many disagreements as possible before the judge ruled on whether he’d approve the liquidation plan.
This report by The Canadian Press was first published March 21, 2025.
