TORONTO – The end is near for the handful of Hudson’s Bay stores the company hoped to sell to a new owner as it liquidated the rest of its department stores.
In a court filing yesterday, the company said it will begin going-out-of-business sales at those stores on April 25 due to the “low probability” of finding a buyer, according to the Financial Post. Those locations include:
- Downtown Queen Street, 176 Yonge Street, Toronto
- Yorkdale Shopping Center, Toronto
- Hillcrest Mall, Richmond Hill, Ontario
- Downtown, Montreal, Quebec
- Carrefour Laval, Laval, Quebec
- Pointe-Claire, Quebec
Canada’s oldest company launched liquidation proceedings at its other 74 locations on March 24 after filing for creditor protection on March 7. When Hudson’s Bay Company ULC, filed for reorganization last month, the company’s debt included a total $950 million to nearly 2,000 secured and unsecured creditors.
Last week, the company announced its plan to auction its 1670 Royal Charter and other historical artifacts to help repay the debts.
Hudson’s Bay Company is nearly 200 years older than Canada (est. 1867). Since 2008, it has been owned by NRDC Equity Partners, a U.S.-based private equity firm founded by real estate investor Richard Baker.
See also: Hudson’s Bay Company cashing out its Royal Charter to repay massive debt
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