Hudson's Bay to liquidate remaining flagship stores
Canadian retailer Hudson's Bay announced on Friday that it will begin liquidation sales at its remaining six Hudson's Bay stores and one Saks Fifth Avenue location, amid ongoing efforts to secure a buyer or investor.
The company sought creditor protection last month, initiating a sale process and beginning liquidation of all but six of its 96 Hudson's Bay, Saks Fifth Avenue, and Saks Off 5th stores.
With no viable bids expected for the current six-store model, the company will proceed with liquidation, joining the stores already in the process of winding down.
The six stores now joining the liquidation include the Downtown Queen Street location at 176 Yonge Street in Toronto, Yorkdale Shopping Center in Toronto, Hillcrest Mall in Richmond Hill, the Downtown Montreal location, Carrefour Laval in Laval, and the Pointe-Claire store in Quebec.
While the liquidation process moves forward, the company emphasized that it retains the ability to withdraw individual stores from closure, should a qualifying bid emerge. Reflect Advisors, which is overseeing the process, continues to solicit interest in acquiring, investing in, or refinancing all or parts of the business. The deadline for interested parties to submit offers is April 30.
All remaining Hudson's Bay and Saks Fifth Avenue stores in Canada are expected to cease operations no later than June 15, though some locations may close sooner. Nine Saks Off 5th locations are also scheduled to close on April 27.
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