The retailer needs an $82-million investment to rescue six department stores that have not yet been slated to close, and to keep its e-commerce business alive. The company is soliciting offers from potential investors and buyers. (The Globe and Mail)
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The retailer needs an $82-million investment to rescue six department stores that have not yet been slated to close, and to keep its e-commerce business alive. The company is soliciting offers from potential investors and buyers. (The Globe and Mail)
Talking point: The department store was granted creditor protection on March 7 and owes $1.13 billion to debt holders. Court records show it posted a nearly $330-million loss last year as it struggled with plummeting in-store and online sales. The company began liquidating all but six of its 89 stores last week, and received court approval to come up with a restructuring plan to save the rest of the business. Hudson’s Bay is also selling its intellectual property, including its iconic stripe design, its 78-per-cent stake in a real estate joint venture with RioCan, and a collection of centuries-old art and memorabilia. Bidders have until April 30 to submit final proposals, and motions to the court to approve a deal are due May 30.
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