Latest news with #LizRodbell
Yahoo
19-05-2025
- Business
- Yahoo
Hudson's Bay Announces Big Sale After Bankruptcy
One of the longest-running retail chains in North America, Hudson's Bay Company, received some devastating news late last month. The company, headquartered in New York and Toronto, revealed it would be closing all of its stores, as well as a Saks Fifth Avenue store that the company had initially excluded from liquidation plans. The decision came after it entered into bankruptcy. "The Hudson's Bay and Saks Fifth Avenue stores in Canada are expected to operate no later than June 15, 2025, however, some may close earlier. Additionally, nine Saks OFF 5TH stores will close Sunday, April 27," Business Wire stated at the time. Nearly a month later, on May 15 the company announced it entered into an agreement to sell its intellectual property and brand assets to Canadian Tire Corporation. 'We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience,' said Liz Rodbell, President and CEO, Hudson's Bay. 'I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.' The company that was initially founded back in 1670 was the oldest corporation in North America. "The agreement is subject to Court-approval and other customary terms and conditions, and is expected to close in the summer of 2025. The purchase price for the intellectual property portfolio is $30,001,670, and the sale excludes the Company's art and artifacts which will be subject to a separate Court-approved process," Business Wire revealed. The Canadian-based company will begin liquidating its 79 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
Fashion Network
18-05-2025
- Business
- Fashion Network
Hudson's Bay to sell brand assets to Canadian Tire
Hudson's Bay announced on Thursday a definitive agreement to sell its intellectual property portfolio, including the iconic HBC Stripes and related brand assets, to Canadian Tire Corporation. The $30 million transaction, expected to close in the summer of 2025 pending court approval, marks a defining moment in Canadian retail as one storied heritage brand passes the torch to another. 'We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience,' said Liz Rodbell, president and CEO, Hudson's Bay. 'I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.' Canadian Tire will sell the products under this deal at its 1,700 stores, which operate under its SportChek, Party City, Mark's and Pro Hockey Life banners. Hudson's Bay sought creditor protection in March, initiating a sale process and beginning liquidation of all of its 79 stores across Canada. All Hudson's Bay and Saks Fifth Avenue stores in Canada are expected to cease operations no later than June 15.
Miami Herald
17-05-2025
- Business
- Miami Herald
Bankrupt retail chain sells signature brand to new owner
Everyone has a reliable retail chain they go to when they need something for a special occasion, and many have their mothers to thank for that. Although at first, mom might have forced us to go, these retailers later gained our loyalty like no other. From the first day of kindergarten to senior prom to college graduation, and for some, a few wedding invites, these retailers have been with us through every stage of our lives. Don't miss the move: Subscribe to TheStreet's free daily newsletter However, decades-old retail empires are beginning to crumble, with renowned chains like Macy's (M) , Kohl's (KSS) , and JCPenney (JCP) closing multiple locations and exiting neighborhood malls. Related: When you'll see empty retail store shelves due to tariffs Maybe these retail chains have exceeded their lifespans, and with so much emerging competition, keeping up can become nearly impossible. Image source: Bloomberg/Getty Images Hudson's Bay (HBAYF) filed for creditor protection (CCAA), known as Chapter 11 bankruptcy in the U.S., with the Ontario Superior Court of Justice in Canada on March 14 of this year. This prompted many liquidation sales across its 74 owned and operated stores, three licensed inside Saks Fifth Avenue, and 13 inside Saks Off 5th locations in Canada. This filing not only marked the end of a historic retail run for most Hudson's Bay stores, but also threatened the jobs of nearly 10,000 employees. However, Hudson's Bay wasn't going to let nearly 355 years disappear in thin air. It received court approval to find a buyer to acquire the company by April 30 and continue its legacy, leaving only six stores free of liquidation. Related: It's your last chance to shop at this bankrupt retail chain Time went on, and the retailer began to lose hope with no adequate buyer in sight. Only a few weeks later, Hudson's Bay made the tough decision to include these six stores in the liquidation sales since their exclusion negatively impacted the company. The retailer proceeded to sell all remaining merchandise at discounted prices beginning April 25. The end of an era for such a historic retailer never felt closer. However, a surprising turn of events might have just rescued it from its demise. Hudson's Bay has sealed a deal with Canadian Tire Corporation on May 15 to sell its intellectual property for over $30 million as part of its restructuring plan after filing for bankruptcy. "We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience," said Hudson's Bay President and CEO Liz Rodbell in a press release. "I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward," she added. More Retail News: Kroger quietly shuts down service that Walmart dominatesPopular formerly bankrupt retail chain makes brick-and-mortar comebackPeloton CEO believes cheaper prices can help reverse slide With this acquisition, Canadian Tire Corporation will become the owner of the Hudson's Bay brand, including all company names, logos, symbols, and the iconic HBC Stripes. The agreement is still awaiting court approval, and if all goes according to plan, it's expected to close by this summer. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
16-05-2025
- Business
- Yahoo
Hudson's Bay sells brand assets to Canadian Tire amid restructuring
Canadian retailer The Hudson's Bay Company has finalised an agreement to transfer its intellectual property rights to Canadian Tire for C$30m ($21m). The transaction is a strategic move within a broader restructuring strategy under the Companies' Creditors Arrangement Act (CCAA). The assets involved in this transaction encompass HBC Stripes and additional brand properties. The company's collection of art and artifacts, set for a separate process approved by the court, are excluded. Completion is contingent upon judicial endorsement and other standard conditions, and is expected in the summer of 2025. The company's ongoing processes for soliciting sales and investments and monetising leases will continue, with updates to be provided when relevant. Hudson's Bay president and CEO Liz Rodbell stated: 'We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience. I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.' This development follows a court-sanctioned sale and investment solicitation process initiated by the Ontario Superior Court of Justice. The company invited proposals from potential bidders interested in its properties and business operations. After reviewing final bids, the company's board of directors, with Reflect Advisors as financial advisor, key senior lenders and the court-appointed monitor, concluded that this transaction would serve the best interests of Hudson's Bay and its stakeholders. Hudson's Bay Company had The company initiated the CCAA procedure in March 2025 due to the ongoing trade disputes with the US, economic turbulence and changes in consumer behaviour post-pandemic, announcing that it would begin liquidation sales at its remaining six Hudson's Bay stores and one Saks Fifth Avenue outlet from 25 April. "Hudson's Bay sells brand assets to Canadian Tire amid restructuring" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Calgary Herald
16-05-2025
- Business
- Calgary Herald
Canadian Tire buying Hudson's Bay stripes and brand name for $30M: 'Meant to stay Canadian'
Hudson's Bay Co. ULC has entered into an agreement to sell its intellectual property, which includes the HBC stripes and other brand labels, to Canadian Tire Corp. for about $30 million, as part of its effort to pay back about $1 billion to its creditors. Article content Article content The deal, which was announced on Thursday evening, has to be approved by an Ontario court and is expected to be completed by summer, HBC said. Article content Article content 'We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience,' Liz Rodbell, HBC's chief executive, said in a statement on Thursday. 'I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.' Article content Article content 'Some things are just meant to stay Canadian,' he said. 'It's disheartening to witness the final days of another great Canadian retailer, and while the circumstances are unfortunate, we're proud to step in for customers. Ultimately, customers are at the core of all we do.' Article content He said that the Stripes would 'add beautifully' to Canadian Tire's portfolio and that the other brands have long been 'known for their strength' and would be sought after by Canadian Tire's customers. Article content Article content The agreement is part of HBC's efforts to raise enough money to pay back its creditors. Aside from looking to sell its intellectual property, it is also in the process of liquidating all of its stores, monetizing its leases and selling its artifacts, which includes the historical charter, a document that gave the company exclusive trading rights over a portion of Canada in 1670. Article content Article content Canada's oldest department store went to court on March 7 to get an order that would protect it from its creditors as it struggled to pay its dues to landlords, vendors and service providers. It took the step after a landlord locked it out of a store in Sydney, N.S., and a team of bailiffs attempted to seize merchandise from a store in Toronto's Sherway Gardens mall. Article content The move was supposed to provide the company, which struggled to cope with the shift to online shopping, with 'breathing room' as it looked for financing. That plan, however, didn't work out, as trade tensions between the United States and Canada pushed potential financiers to the sidelines, it said.
