Latest news with #HBC
Yahoo
3 hours ago
- Business
- Yahoo
Court OK's Hudson's Bay selling trademarks, like iconic stripes, to Canadian Tire
Hudson's Bay Co. will live on in some fashion, and what form it takes will be solely up to Canadian Tire. On Tuesday, the beleaguered department store got court approval to sell its intellectual property, including its iconic multicoloured stripes motif, to Canadian Tire for $30 million. Bankrupt Hudson's Bay Co. will use the cash to pay some of its debts before the 355-year-old retailer disappears entirely. On Sunday, the company wrapped up liquidation sales and closed its remaining 96 Bay and Saks-branded stores to the public. As part of the $30-million deal, Canadian Tire will take ownership of not only the Hudson's Bay stripes, but also its company names and other trademarks, such as its historic coat of arms symbol. The big box retailer will also get all of the Bay's customer data, including personal information, and domain names for its websites, court documents have shown. The deal excludes the storied company's art, artifacts and archives, as well as any of its more than 9,000 employees, most of whom have already been laid March, indebted HBC was granted creditor protection by Ontario Superior Court, putting its assets up for sale. Seventeen parties submitted bids for the retailer's intellectual property. "The Canadian Tire transaction, among other things, provides for the highest purchase price of any bid received … and therefore provides the greatest value," stated a court document filed on May 29. Canadian Tire, which has more than 1,700 retail locations across the country, says it has also submitted a bid for "a handful" of Hudson's Bay's lease locations. According to court records, HBC has received 12 bids for 39 of its leases. Last month, the Hudson's Bay announced it reached a deal to sell 28 lease locations in Ontario, Alberta and British Columbia to Ruby Liu Commercial Investment Corp. The company is indirectly controlled by B.C. mall owner, Ruby Liu. Liu plans to launch "a new modern department store concept in Canada," Hudson's Bay said in a statement. The retailer added that the deal still needs approval from both the court and the landlords controlling the 28 leases. "There can be no assurances that the conditions to closing will be satisfied," stated HBC. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
5 hours ago
- Business
- CBC
Court OKs Hudson's Bay selling trademarks, like iconic stripes, to Canadian Tire
Hudson's Bay Co. will live on in some fashion, and what form it takes will be solely up to Canadian Tire. On Tuesday, the beleaguered department store got court approval to sell its intellectual property, including its iconic multicoloured stripes motif, to Canadian Tire for $30 million. Bankrupt Hudson's Bay Co. will use the cash to pay some of its debts before the 355-year-old retailer disappears entirely. On Sunday, the company wrapped up liquidation sales and closed its remaining 96 Bay and Saks-branded stores to the public. As part of the $30-million deal, Canadian Tire will take ownership of not only the Hudson's Bay stripes, but also its company names and other trademarks, such as its historic coat of arms symbol. The big box retailer will also get all of the Bay's customer data, including personal information, and domain names for its websites, court documents have shown. The deal excludes the storied company's art, artifacts and archives, as well as any of its more than 9,000 employees, most of whom have already been laid off. WATCH | Hudson's Bay closes all store: Hudson's Bay employees get ready for last day on the job 6 days ago Duration 2:08 In March, indebted HBC was granted creditor protection by Ontario Superior Court, putting its assets up for sale. Seventeen parties submitted bids for the retailer's intellectual property. "The Canadian Tire transaction, among other things, provides for the highest purchase price of any bid received … and therefore provides the greatest value," stated a court document filed on May 29. Canadian Tire, which has more than 1,700 retail locations across the country, says it has also submitted a bid for "a handful" of Hudson's Bay's lease locations. According to court records, HBC has received 12 bids for 39 of its leases. Last month, the Hudson's Bay announced it reached a deal to sell 28 lease locations in Ontario, Alberta and British Columbia to Ruby Liu Commercial Investment Corp. The company is indirectly controlled by B.C. mall owner, Ruby Liu. Liu plans to launch "a new modern department store concept in Canada," Hudson's Bay said in a statement. The retailer added that the deal still needs approval from both the court and the landlords controlling the 28 leases. "There can be no assurances that the conditions to closing will be satisfied," stated HBC.
Calgary Herald
a day ago
- Business
- Calgary Herald
Leong: Hudson's Bay is dead but its aspirations can live on to help build Canada
Article content Article content Of course, much has changed in the 115 years since the publication of Bryce's book. Article content The Hudson's Bay Company managed to survive decades of colonial conflicts; a transformation from a quasi-governmental commercial monopoly to a pure business in a competitive marketplace; several global economic crises, including the Great Depression; and two world wars — somehow finding a way to adapt and meet the various challenges of the day. Article content Alas, it was the strains of retail coupled with what's been described by some as an unhealthy corporate union that eventually caused HBC to spiral into insolvency after more than three-and-a-half centuries as a going concern. Article content In 2008, The Bay was taken over by a U.S. private equity firm that might not have had the necessary desire, interest or expertise to keep the Hudson's Bay Company alive. Article content HBC had become just another company — the latest in a long line of historic department stores and retailers in Canada and the United States whose stories have come to a sudden end over the last few decades. Article content Article content In the The Bay's final hours, watching last-minute shoppers rummaging for a good liquidation deal amid the dregs of a dwindling stock of merchandise, it might have been difficult to trace the long path through the company's history to the same but very different corporate entity — The Governor and Company of Adventurers of England, trading into Hudson's Bay — that held great power and sway over North America and the course of its history. Article content The path behind might be hard to see but it's there. And so is the path forward but sadly, HBC won't be the one to navigate it. Article content Given the current political context and an uncertain trade relationship with the United States, Canadians are expressing a newfound desire for nation-building projects and interest in reconnecting with national institutions. Article content It seems fitting that HBC's and Canada's economic motivations after the company's surrender of Rupert's Land in 1870 very much mirror the rekindled current of nationalism we are experiencing now in 2025.
Global News
2 days ago
- Business
- Global News
Hudson's Bay stores across Canada close for good Sunday
See more sharing options Send this page to someone via email Share this item on Twitter Share this item via WhatsApp Share this item on Facebook It's the final day for the Canadian retailer Hudson's Bay. The company has said that final liquidation sales at all Bay stores and 16 Saks locations will end on June 1. The Hudson's Bay Company (HBC) is the oldest corporation in North America and was incorporated in 1670. It filed for creditor protection in March 2025. According to court documents filed by the retailer, more than 8,300 workers will have been laid off. Court filings made late Monday in the company's ongoing creditor protection case offered some details about what Canadian Tire hopes to acquire well beyond the retailer's name, coat of arms and iconic stripes in the $30-million deal set to close by July 15. Story continues below advertisement After 355 years in business, HBC must vacate all its properties by the end of June. I will spend the weeks after the official closing on June 1 dismantling the stores and letting people who bought furniture and fixtures during the liquidation pick them up. The Bay has also stated it will seek court permission for B.C. billionaire mall owner Ruby Liu to take over a group of properties the department store and its sister Saks businesses leased in Alberta, B.C. and Ontario. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy A press release from Liu, a serial investor who owns three B.C. malls, said the business she will build will be focused on 'bridging the gap between generations, providing immersive shopping experiences, and becoming a destination where all age groups thrive together.' That deal still needs landlord consent and court approval.
Globe and Mail
4 days ago
- Business
- Globe and Mail
Hudson's Bay lender sues Saks for repayment of $8.8-million in unpaid fees
One of Hudson's Bay Co.'s senior lenders is suing for repayment of US$8.8-million it says it's owed by Saks Global Enterprises LLC – the U.S. company formed last December when parent HBC acquired Neiman Marcus in a US$2.65-billion deal and spun off its American assets into a separate entity from the Canadian retailer. The lender, Pathlight Capital LP, agreed to restructure HBC's existing debt in December and to release the new U.S. company, Saks, from its obligations under the Canadian loan. That move was 'critical' to completing the Neiman Marcus deal, according to a complaint filed by Pathlight with the New York Supreme Court on May 21. The document accuses Saks Global of a breach of contract for failing to pay fees related to that debt restructuring. The filing also reveals that Saks Global has accused Pathlight of failing to support further debt restructuring for Hudson's Bay, contributing to the failure of the Canadian company to secure much-needed financing earlier this year. The plan that could have saved Hudson's Bay as we know it On March 7, less than three months after the Neiman Marcus deal closed and the carve-out of the companies was finalized, Hudson's Bay filed for court protection from its creditors in Canada under the Companies' Creditors Arrangement Act (CCAA). Court documents showed the retailer was struggling with $1.1-billion in debt and running out of cash to fund its operations. Pathlight's portion of that debt amounted to US$65.6-million as of March 7 – an amount significantly lower than what Hudson's Bay owed before the December deal, lawyers for the retailer said during a court hearing in Toronto on May 13. Pathlight's loan to HBC and its subsidiaries, including Saks, dates back to 2020, according to the complaint filed in New York. HBC asked Pathlight to restructure that outstanding debt 'to facilitate' the Neiman Marcus acquisition and the spinoff, the document states. Pathlight agreed, extending a term loan to HBC in December of 2024, and releasing the new U.S. entity Saks Global from its obligations under the Canadian loan. In exchange, Saks agreed to pay Pathlight a structuring advisory fee totaling US$13.8-million. That fee was due in three instalments with US$5-million owed in January, and US$4.4-million due in each of March and April of this year. On March 26, according to the claim, Saks Global sent a letter to Pathlight saying that it would not pay the remaining two instalments, because of 'Pathlight's alleged refusal to agree to further restructurings of HBC's debt.' The letter, submitted in court, also alleged that Pathlight's 'lack of good faith cooperation' was the direct cause of Hudson's Bay failing to secure refinancing. That in turn led the Canadian company to seek creditor protection, the letter stated. 'Pathlight's ongoing intransigence further frustrated HBC's CCAA proceedings, and, on March 21, 2025, forced HBC to announce a near total liquidation,' Saks chief legal officer Andrew Woodworth wrote in the letter. Pathlight's claim calls these allegations 'baseless.' A representative for Saks did not respond to a request for comment. Hudson's Bay initially exempted six stores from the clearance sales, hoping to find a buyer or investor willing to support a restructuring plan. But when no such support emerged, the retailer announced in late April that it would add those stores to the liquidation, marking the demise of the 355-year-old retail chain and the loss of thousands of Canadian jobs. The deal last December consolidated ownership of Neiman Marcus, Saks Fifth Avenue, Saks Off 5th and Bergdorf Goodman under the new U.S. company. But signs of trouble soon followed at Saks, including delayed payments to vendors, according to reports. On June 30, roughly US$120-million in interest is coming due on US$2.2-billion in bonds that the company sold in order to finance the deal. On Thursday evening, Saks announced that it had secured US$350-million in financing 'to strengthen its balance sheet and support its long-term growth.'
