Latest news with #creditorProtection
Yahoo
2 days ago
- Business
- Yahoo
Apparel brand Oak + Fort to restructure amid tariff woes
VANCOUVER — Canadian apparel brand Oak + Fort says it has obtained creditor protection as it works to restructure the business. The Vancouver-based company says the move is necessary because U.S. tariffs have joined other price pressures and led to a decline in consumer confidence and spending. The tariffs arrived after Oak + Fort pushed to open 26 new Canadian and U.S. stores in the last four years, which the company says resulted in a reduced and ultimately insufficient investment in its e-commerce platforms. Court documents show the company owes more than $25 million to creditors including some landlords who didn't receive May rent payments. Oak + Fort says it will continue to operate stores and an e-commerce business during the restructuring. The retailer has hired Reflect Advisors LLC to assist with the restructuring. Oak + Fort was founded in 2010 as an online boutique that eventually expanded to 42 stores in Canada and the U.S. selling womenswear, menswear, accessories, jewelry and home goods. This report by The Canadian Press was first published June 7, 2025. The Canadian Press 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
CTV News
13-05-2025
- Business
- CTV News
Hudson's Bay expected back in court to extend creditor protection
TORONTO — Hudson's Bay is due to return to an Ontario court today for the first time in roughly two weeks to seek a reprieve from the hundreds of businesses it owes money. The department store is expected to use the Tuesday morning appearance to ask Judge Peter Osborne to stretch the period of time it is protected from its creditors to July 31 rather than ending May 15. The extension request comes as the business, which holds the title of Canada's oldest company, appears to be hurtling toward a new future. After filing for creditor protection in March because it was having trouble paying 26 pages' worth of landlords, vendors and suppliers almost $1 billion they were collectively owed, Hudson's Bay put itself, its assets and its leases up for sale. Seventeen bidders want the entire business or treasures like its intellectual property. Twelve are vying for 39 leases. In a court filing, the retailer said an extension to the creditor protection it was first granted in March will help the company complete these sales processes and finish liquidating its 80 Bay stores and 16 Saks banners. The additional time would mean the company could 'maximize value for the benefit of the (Bay) and their stakeholders,' the filing said. So far, proceeds generated by the liquidation sales wrapping at the end of the month have exceeded even Hudson's Bay's expectations several times. Between March 8 and 14, the company made $21 million, beating its own estimates by about $7.4 million and allowing it to return some last-minute financing it received from Restore Capital that month to keep it afloat, court documents show. Between April 19 and May 2, sales surpassed $129 million, about $36.8 million more than the company initially forecast, the documents reveal. Because the cash is 'in excess of the applicants' operating needs,' the Bay wants to repay as much as $165 million to its senior lenders, Bank of America and Restore Capital LLC. It is expected to ask the court on Tuesday for permission to make these repayments. This report by The Canadian Press was first published May 13, 2025. Tara Deschamps, The Canadian Press
CTV News
09-05-2025
- Business
- CTV News
Hudson's Bay garnered 17 bids in process to find new owner for retailer, assets: docs
Bay branded products are seen on display in the Hudson's Bay store in Toronto on Monday March 10, 2025. THE CANADIAN PRESS/Chris Young TORONTO — A new court filing shows a process meant to find a new owner for Hudson's Bay and its assets has yielded 17 bids. A report from a court monitor guiding Canada's oldest company through creditor protection does not name the bidders but says they made offers after the monitor reached out to 407 potential buyers. Fifty-four of the 407 signed a non-disclosure agreement to get access to Bay data to decide whether to place a binding bid, but less than half wound up making a formal offer. The court document says the company and those involved in selecting a winner are now evaluating the offers and having discussions with those who made bids. B.C. mall owner Weihong Liu and Toronto investment manager Urbana Corp. have both gone public with their bids. Two sources familiar with the sales process, who were unauthorized to speak on the matter, have said Canadian Tire is also in the mix, but the retailer has not confirmed whether it made an offer. Hudson's Bay must seek court approval for any deals they reach by May 30. This report by The Canadian Press was first published May 9, 2025 Tara Deschamps, The Canadian Press
