Hudson's Bay Announces Big Sale After Bankruptcy

One of the longest-running retail chains in North America, Hudson's Bay Company, received some devastating news late last month.

The company, headquartered in New York and Toronto, revealed it would be closing all of its stores, as well as a Saks Fifth Avenue store that the company had initially excluded from liquidation plans. The decision came after it entered into bankruptcy.

"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 at the time.

Nearly a month later, on May 15 the company announced it entered into an agreement to sell its intellectual property and brand assets to Canadian Tire Corporation.

“We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience,” said Liz Rodbell, President and CEO, Hudson’s Bay. “I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.”

The company that was initially founded back in 1670 was the oldest corporation in North America.

"The agreement is subject to Court-approval and other customary terms and conditions, and is expected to close in the summer of 2025. The purchase price for the intellectual property portfolio is $30,001,670, and the sale excludes the Company’s art and artifacts which will be subject to a separate Court-approved process," Business Wire revealed.

The Canadian-based company will begin liquidating its 79 stores.

Related: 'Beloved' Restaurant Chain Back After Going Bankrupt 20 Years Ago

source https://www.mensjournal.com/news/beloved-retail-store-makes-major-announcement-after-bankruptcy