Hudson's Bay, Canada's oldest company, is on the verge of a liquidation plan affecting 80 stores due to financial struggles exacerbated by weak consumer spending and post-pandemic challenges. While legal proceedings are underway, the company remains hopeful for a financial lifeline to avoid closing some of its locations. The proposed plan includes provisions for possibly removing some stores from liquidation, contingent on obtaining necessary financing. A recent court hearing drew significant public attention, indicating the challenges facing this historic retailer dating back to 1670.
"A quick start will maximize the value of the business ... and preserve whatever chance there is of a restructuring," Taylor told Ontario Superior Court Judge Peter Osborne."
"The hearing was meant to advance a creditor protection case Hudson's Bay launched March 7, when it admitted it was struggling with financial difficulties amid subdued consumer spending."
"Hudson's Bay is still holding out hope that it will find a lifeline... lawyers said in an Ontario court... the liquidation would span 80 stores."
"The process Hudson's Bay is proposing would allow the retailer to remove some stores from the liquidation, should it find sufficient financing."
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