TORONTO — A liquidation at all Hudson's Bay stores could start as soon as tomorrow and last for up to 12 weeks.
Lawyer Ashley Taylor said in court this morning that the liquidation being sought will span 80 stores as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.
Taylor says the company is pursuing a full liquidation because its attempts at finding financing to help the business continue on have only drummed up $23 million in cash, far less than what Hudson’s Bay requires.
If approved by a judge, the retailer's proposal would allow it to remove some stores from the liquidation, should it find additional financing during the 10 to 12 weeks when Taylor expects the company to offload its inventory.
Elizabeth Pillon, another Hudson’s Bay lawyer, says the proposed liquidation will extend to the company's e-commerce business, which will continue until its Scarborough, Ont., distribution centre empties.
Hudson’s Bay’s current plan will see it stop accepting gift cards after April 6. The company has already paused its loyalty program, which has 8.2 million Canadian members with about $58.5 million in unused points.
This report by The Canadian Press was first published March 17, 2025.
Tara Deschamps, The Canadian Press
