Hudson’s Bay says it hopes to save six stores from liquidation, but none of them are in B.C.
The six stores have been identified as the flagship location in Toronto, along with stores in Yorkdale Mall and Hillcrest Mall in Richmond Hill — all in Ontario — and three locations in Montreal.
The Bay’s lawyers were in court in Ontario on Friday seeking permission to liquidate assets from all but the half-dozen stores as part of its creditor protection case.
Lawyers said they have a plan to keep those locations open and operating as normal, but at this point, they do not have a restructuring solution overall.
Get daily National news
Since Monday, Canada’s oldest department store chain has been trying to convince an Ontario judge to allow the company to sell off merchandise to pay down debts.
Amid the Bay’s financial struggles, it has paused its loyalty program, jeopardizing millions of customers’ points.
“It’s a big loyalty program,” Bruce Winder, a retail analyst, told Global News. “I believe it has $58 million of liabilities on it.”
“I think honestly what’s going to happen is people are just going to lose their points.”
The company has not yet announced what might happen to the program.
- ‘It feels personal’: Canadian farmers cope with Chinese tariffs on canola and peas
- Why filing your taxes last minute in Canada could be risky this year
- Are we in a recession? Don’t trust lipstick and underwear sales as a gauge
- What is ‘stagflation’? A closer look at the economic ‘double kiss of death’
Comments