Hudson’s Bay Company, LLC, the Canadian entity comprising the retailer Hudson’s Bay and TheBay.com, reported that it will liquidate its remaining six Hudson’s Bay stores and one Saks Fifth Avenue location.
The company believes a viable bid for its six-store model is unlikely and will, therefore, begin liquidation sales in these stores starting Friday, April 25. The remaining locations will join the 73 Hudson’s Bay, 13 Saks Off 5th and 2 Saks Fifth Avenue stores undergoing liquidation sales following the company’s filing under the Companies’ Creditors Arrangement Act (CCAA).
“Should a bid be received in accordance with the Sale or Investor Solicitation Process (SISP), the Applicants retain the ability to withdraw these stores (or other stores) from the liquidation sale pursuant to, among others, the Amended and Restated SISP Order,” the company said in a media release.
The SISP process remains underway and unchanged.
Reflect Advisors reports that it continues to solicit interest in, and opportunities for, one or more sales of all or certain portions of the property, assets and undertakings of the company and/or an investment in, or refinancing of all, or a portion of, the business of the company. The deadline for these submissions is April 30.
The Hudson’s Bay and Saks Fifth Avenue stores in Canada are expected to operate until no later than June 15, 2025; however, some may close earlier. The company will close 9 Saks Off 5th stores on Sunday, April 27.
Image courtesy Hudson’s Bay
