Hudson’s Bay Company began liquidation sales on Monday, while temporarily excluding six stores from the initial process.
The Canadian retailer received court approval on Friday to move forward with a revised liquidation plan as part of its ongoing Companies’ Creditors Arrangement Act (CCAA) proceedings.
For the time being the Downtown Queen Street location at 176 Yonge Street in Toronto, Yorkdale Shopping Center in Toronto, Hillcrest Mall in Richmond Hill, the Downtown Montreal location, Carrefour Laval in Laval, and the Pointe-Claire store in Quebec, will remain open.
The revised plan was strengthened by stronger-than-expected sales over the past week, which exceeded projections and provided Hudson’s Bay with the flexibility to continue operations at the six exempted locations while exploring restructuring options.
The decision allows Hudson’s Bay additional time to collaborate with key landlords and stakeholders in an effort to restructure its business.
“Canadians have shown extraordinary support for Hudson’s Bay over the…
