Remaining Hudson’s Bay Stores Start Clearance Sales

Struggling to find a buyer for six remaining stores, Hudson’s Bay Company (HBC) began liquidation of its final locations on April 25, potentially signalling the end of the historic retailer.

In addition to its flagship across from the Eaton Centre in downtown Toronto, connected to Saks Fifth Avenue, the stores include two others in the Greater Toronto Area — Yorkdale and Hillcrest malls — and three in Quebec — the historic downtown Montreal location on Sainte-Catherine Street, and Carrefour Laval and Pointe-Claire malls.

HBC has until April 30 to receive a bid from a buyer to keep its footprint alive, according to a court order. However, given the unlikelihood of this happening at this point, the company said it’s necessary to start clearance sales at stores spared from initial liquidation proceedings to ensure maximization of value for creditors amid the ongoing Companies’ Creditors Arrangement Act proceedings.

If HBC receives a viable bid to save the business by the deadline, it can stop liquidating these stores or any of its other locations.

The latest news in HBC’s ongoing crisis comes seven weeks after the country’s oldest company filed for bankruptcy protection. It began liquidating all but six stores on March 21.