If you stepped into Hudson Bay's flagship store in downtown Vancouver this week, you would have found all elevators and escalators completely out of …
If you stepped into Hudson Bay 's flagship store in downtown Vancouver this week, you would have found all elevators and escalators completely out of service.
This was made particularly clear on Friday when Hudson's Bay filed for creditor protection under the federal Companies' Creditors Arrangement Act , which was granted by the Ontario Superior Court of Justice on the same day. According to the judge's decision, as of Jan. 1, 2025, Hudson's Bay had only about $3 million cash on hand. The company has about $1.294 billion in secured debt obligations, including $315 million in trade payables , $422 million in pre-filing secured debt, and $724.4 million in mortgage obligations."Hudson's Bay today is facing an imminent liquidity crisis. It has not paid rent at several of its leased stores and a number of its trade creditors have not been paid.
"While very difficult, this is a necessary step to strengthen our foundation and ensure that we remain a significant part of Canada's retail landscape, despite the sector-wide challenges that have forced other retailers to exit the market. Now more than ever, it is critical that Canadian businesses are protected and positioned to succeed," said Liz Rodbell, president and CEO of Hudson's Bay, in a statement.
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All 96 Hudson's Bay Stores In Canada, The Landlords, And The MortgagesHoward is based in Burnaby and covers real estate, housing policy, and the development industry. You can email him at howardstoreys.com or message him anonymously on Signal at HowardChai.24.
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