A prominent Canadian business with a long history tied to that of the country itself has announced it will begin a store-by-store liquidation process.<\/p>\n
Hudson’s Bay Company ULC, which comprises the retailer Hudson’s Bay and TheBay.com, recently announced it has filed documents with the Ontario Superior Court of Justice indicating that, despite exhaustive efforts to secure sufficient financing to pursue a restructuring transaction under the Companies’ Creditors Arrangement Act (CCAA), it has only secured limited debtor-in-possession financing that will require the full liquidation of the entire business.<\/p>\n
Canada's oldest company states that it remains hopeful that key stakeholders, particularly its landlord partners, will engage to explore a viable alternative restructuring path that could preserve jobs, tenancy in retail locations, and a company with deep historic significance before it is too late.<\/p>\n