Major Retail Store Closing All Locations
One of North America's longest-running retailers is closing its doors for good. This retailer is actually the oldest business in North America and was founded way back in 1670, according to History Facts.
Hudson's Bay Company, headquartered in New York and Toronto, is closing all of its stores. The company will close six namesake stores, as well as a Saks Fifth Avenue store that the company had initially excluded from liquidation plans, according to an April 24 announcement reported on by Business Wire. These stores are closing in addition to Hudson Bay's previously announced Saks Off 5th and Saks Fifth Avenue store closings, under Canada's bankruptcy laws.
"The Hudson's Bay and Saks Fifth Avenue stores in Canada are expected to operate no later than June 15, 2025, however, some may close earlier. Additionally, nine Saks OFF 5TH stores will close Sunday, April 27," Business Wire stated.
"Hudson's Bay extends its sincerest gratitude to its dedicated associates and loyal customers for their overwhelming support over the years and throughout this chapter," the company added.
Hudson's Bay began the process of liquidating 90 of its 96 stores in March but hoped it would get some bids to stay around as a "six-store model." However, the company hasn't been able to "raise the roughly $1 billion it needs to pay back creditors, according to court documents," Financial Post states.
"It is unlikely to receive a viable going concern bid based on the proposed Six Store Model," Adam Zalev, cofounder of Reflect Advisors LLC, HBC’s financial adviser, said. "The exclusion of the six stores from the liquidation sale is negatively impacting (HBC's) realization efforts."
However, Hudson's Bay "will still have the ability to stop liquidating these stores or any of its other stores if it receives a viable bid," Zalev said per Financial Post. The bids would need to be received by April 30, the Financial Post added.
Related: Warren Buffett's 7-Word Advice in a Stock Market Crash