TORONTO – A new court filing says several bids have been received for Hudson’s Bay assets, but no offers have come from company insiders.
An affidavit from Jennifer Bewley, chief financial officer of the retailer’s parent company, indicates no insiders submitted a bid for the business or its assets by the April 30 deadline.
The Bankruptcy and Insolvency Act defines insiders as people who control a business, whether alone or through a group.
Bewley’s affidavit also says that no insiders bid on the company’s leases through a separate process looking for takers for its properties. She says all those identified as insiders have said they do not plan to make offers.
The development puts an end to any possibility of Hudson’s Bay governor and executive chairman Richard Baker soon regaining control of the business he has presided over since 2008.
The court filing says the companies guiding Hudson’s Bay through creditor protection are now sifting through bids for the ailing department store, its assets and leases.
This report by The Canadian Press was first published May 7, 2025.
