Hudson’s Bay is expected to begin liquidation sales at its final six stores today, marking the latest chapter in the historic department store’s winding down. According to a recent court filing from a financial adviser overseeing the process, the selloff is set to proceed due to what the filing describes as a “low probability” of securing a buyer for the remaining locations.
Among the stores entering liquidation are several prominent locations in Ontario and Quebec. These include the flagship store on Yonge Street in Toronto, the Yorkdale Shopping Centre location, and another in Hillcrest Mall in Richmond Hill. In Quebec, stores in downtown Montreal, Carrefour Laval, and Pointe-Claire will also begin liquidation. A Saks Fifth Avenue store is being added to the list as well.
Last month, Hudson’s Bay was granted court approval to liquidate 90 of its 96 Bay, Saks, and Saks Off Fifth stores by mid-June. The company has been actively seeking investors or buyers who could either acquire or restructure the business in an attempt to preserve operations.
While the liquidation plan is now moving ahead, the financial adviser’s filing notes that any viable bid to keep the remaining stores in operation would allow Hudson’s Bay to withdraw those locations from the liquidation process.