Canadian retail conglomerate Hudson’s Bay Company has commenced liquidation sales at its remaining six Hudson’s Bay stores and one Saks Fifth Avenue outlet starting 25 April.
The company has assessed that securing a bid for these Canada-based locations under the current operational model is improbable.
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These stores are now part of an extensive liquidation process, joining 73 Hudson’s Bay, 13 Saks OFF 5TH, and two Saks Fifth Avenue locations already amid sales due to the company’s CCAA [Companies’ Creditors Arrangement Act] filing.
However, if a suitable offer emerges through the ongoing sale or investor solicitation process (SISP), the company maintains the option to halt the liquidation of these or other stores as per the amended SISP order.
Despite the active SISP, Hudson’s Bay Company disclosed last month its intention to fully liquidate after failing to secure sufficient funding for a restructuring plan.
The company reported limited debtor-in-possession financing, which was not enough to stave off complete liquidation.
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By GlobalDataEfforts by Reflect Advisors to attract bids for all or parts of Hudson’s Bay Company’s assets continue unabated, with a submission deadline set for April 30th.
All Canadian Hudson’s Bay and Saks Fifth Avenue stores are slated to cease operations by 15 June this year, with some potentially closing sooner.
Moreover, nine Saks OFF 5TH stores will shut down on 27 April.
In addition, select luxury items and HBC Stripes Collection merchandise will not be part of the discounts, the company noted.
Availability is limited to existing stock, with no replenishments planned and all purchases being final.
The company added that various store fixtures and equipment will soon be available for sale at select locations.
