The retailer is seeking approval from an Ontario court for a restructuring plan that would add six remaining stores to the liquidation process if it doesn’t find a viable path forward by April 7. The plan would give Hudson’s Bay’s senior lenders greater control of the company, and impose tight budget restrictions on the retailer. (Financial Post, The Globe and Mail)

Talking point: The iconic department store was granted creditor protection on March 7, owing $1.13 billion to debt holders, but attempts to save the business since then have been unsuccessful. Lawyers for the company’s lenders say the proposed agreement is the only way to avoid going into receivership, which they say could “lead to chaos” and destroy the company’s remaining value. Counsel representing landlords and employees, meanwhile, say the two-week timeline is too short to secure a potential buyer and effectively “kills the chances” of saving the 355-year-old retailer.