Hudson’s Bay Company department store chain has confirmed that it is planning to liquidate its remaining six own brand shops and a Saks Fifth Avenue location. The company came to the conclusion that a sustainable offer for the model with six branches is now “unlikely”.
From April 25, the remaining branches will therefore be added to the 73 Hudson’s Bay locations, 13 Saks Off 5th locations and two Saks Fifth Avenue shops in which sales take place.
In the course of Hudson’s Bay’s application, the seven other locations are added to creditors: Interior protection as part of the Companies’ Creditors Arrangement Act (CCAA) in March.
After the Canadian retail group had not succeeded, the process began to secure enough funds to continue a restructuring plan. She only managed to secure a limited DeBor-in-Possession-Financing, which would require complete liquidation.
At this point, Hudson’s Bay was still hopeful that important interest groups would participate in the exploratory “of a sustainable alternative restructuring path, the jobs that could get lease in retail locations and a company of great historical importance before it is too late”.
It is also possible that an interested party in accordance with the Sale of Investor Solicitation Process (SISP) will make an offer for certain locations. This procedure is still running, with applicants: inside has the opportunity to withdraw the branches from the liquidity sale. The deadline for submitting offers is April 30th.
Hudson’s Bay has now announced appointments for the expected closure of certain branches. The branches in Canada are expected to be open by June 15 at the latest and nine Saks off 5th branches will be closed on April 27th.
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