Hudson’s Bay hopes to keep 6 stores open, begin liquidation in days – National

After per week spent looking for a lifeline, Hudson’s Bay says it has discovered a method to preserve six shops open.

Canada’s oldest firm is again in court docket Friday to hunt permission from an Ontario decide to liquidate all however six shops, and hopes to start that course of beginning Monday.

Hudson’s Bay lawyer Ashley Taylor says the corporate is making the request as a result of latest gross sales have exceeded the corporate’s expectations, permitting the retailer to maintain working six of the shops and pay again interim financing it obtained from a lender.

The corporate’s monetary troubles have led to a flurry of gross sales from prospects seeking to snap up its famed stripes merchandise, for concern the retailer would shut up store for good.

1:57Deadline set to make use of Hudson’s Bay reward playing cards as liquidation of all shops set to begin

Ashley says the corporate desires the power to tug further shops out of the liquidation ought to the corporate discover a means ahead for much more places, however he warns if a restructuring resolution shouldn’t be discovered in a short time, the six shops will probably be added to the liquidation sale.

Courtroom paperwork additionally present the corporate is seeking to wrap up the liquidation gross sales by June 15, although it didn’t define how deep the reductions could also be.

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It’s additionally asking the decide for permission to vacate the properties by June 30.

Attorneys for the corporate and its stakeholders are again in court docket after per week of making an attempt to resolve as many disagreements as attainable earlier than the decide dominated on whether or not he’d approve the liquidation plan.