Hudson’s Bay will liquidate last 6 remaining stores, court filing says – National

A brand new courtroom submitting says Hudson’s Bay will begin promoting off all merchandise on Friday on the six shops beforehand spared from liquidation.

Adam Zalev, managing director of Hudson’s Bay’s monetary adviser Mirror Advisors, says in an affidavit that Canada’s oldest firm is making the transfer as a result of there’s a “low chance” that it’s going to discover a purchaser for the six remaining places.

If a bid for the shops is acquired that retains them alive, Zalev says Hudson’s Bay retains the appropriate to take away them from the liquidation course of.

2:05Liquidation gross sales underway at Calgary Hudson’s Bay shops

The transfer successfully scuttles Hudson’s Bay’s division retailer empire and comes after it acquired courtroom permission final month to liquidate 90 of its 96 Bay, Saks and Saks Off Fifth shops by mid-June, whereas it hunts for buyers or patrons that might restructure or keep the enterprise.

The six shops now becoming a member of the liquidation embrace the flagship on Yonge Road in Toronto, in addition to a location within the metropolis’s Yorkdale mall and one other farther north in Hillcrest Mall in Richmond Hill, Ont.

The remaining three span downtown Montreal, the Carrefour Laval mall and Pointe-Claire, Que.