Hudson's Bay Company seeks bankruptcy protection

[rafterman]

Hudson’s Bay granted creditor protection to restructure its business

The company plans to liquidate some of its stores, according to court documents, though it did not specify how many stores would be forced to close

www.theglobeandmail.com

Darn and thus a three hundred and fifty odd year history as Canada's oldest company starting in 1670 as a fur trader comes to an end at the feet of Amazon, Walmart, Costco etc. Gotta say it's been coming for a while and the odds of avoiding total liquidation are less than 50% IMHO.

 

[Thinking Pink]

Sad to see this happen to such a storied Canadian icon.

 

[bazokajoe]

They do have some nice products but they are priced higher than other stores. Such as luggage, kitchen supplies, clothing, bedding and bath.
The stores with a Zellers inside isn't bad for kids toys.
I'm sure the Bay in my area will be on the chopping block for sure.

 

[Smallguy]

Very sad to see, a long time canadian store come to this.

 

[anonemouse]

Peter C. Newman's book "The Company of Adventurers" is worth a read if you're interested in the history of the company. Very worthwhile reading: https://www.amazon.ca/Company-Adventurers-Peter-C-Newman/dp/0143051474

 

[rafterman]

The company, founded in 1670, which announced last Friday its intention to restructure its business to avoid bankruptcy, owes four secured creditors — Bank of America, ReStore Capital, Pathlight Capital LP, and a numbered company associated with the Ontario Teachers’ Pension Plan — a collective $430 million, documents show.

There's about a snowball's chance they last until next Christmas

 

[Muchadoaboutnothing]

This makes me incredibly sad as I have many memories at the Bay with my three generations past family. I will miss when their own branded blankets were actually cotton and wool. its been a while since their stores have given me the nostalgic feeling and they were prominent in our history classes and learning about the Hudson’s bay trading.
I don’t know what other company will be able to fill their large spaces. Yorkdale is a strange place with many vacant areas

 

[glamphotographer]

HBC is losing out to the off-price retail model executed by TJX which owns Winners, Homesense, and Marshalls. TJMax stores and Homegoods in the US. They also have stores in the UK (UKmax) and western Europe.

 

[CLOUD 500]

They do have some nice products but they are priced higher than other stores. Such as luggage, kitchen supplies, clothing, bedding and bath.
The stores with a Zellers inside isn't bad for kids toys.
I'm sure the Bay in my area will be on the chopping block for sure.

Stores like Nordstrom, Holt and Renfrew, and Harry Rosen are many times more expensive then the Bay, how is it they are surviving?

 

[rafterman]

Hudson’s Bay Co. may be forced to close all stores

The company announced late on Friday that it has been able to secure only limited financing ‘that will require the full liquidation of the entire business’

www.theglobeandmail.com

Yeah looks they're not even going to last through spring. The plan for keeping "40 stores" was an absolute Hail Mary. Unsurprisingly the creditor support necessary has not been forthcoming and full liquidation is happening forthwith.

 

[bazokajoe]

Stores like Nordstrom, Holt and Renfrew, and Harry Rosen are many times more expensive then the Bay, how is it they are surviving?

I don't know. I'm no expert in retail. You tell me.

 

[bazokajoe]

Hudson’s Bay Co. may be forced to close all stores

The company announced late on Friday that it has been able to secure only limited financing ‘that will require the full liquidation of the entire business’

www.theglobeandmail.com

Yeah looks they're not even going to last through spring. The plan for keeping "40 stores" was an absolute Hail Mary. Unsurprisingly the creditor support necessary has not been forthcoming and full liquidation is happening forthwith.

Maybe some good sales coming.

 

[faveone]

The appeal of HBC was that it was a Canadian icon that had Canadian heritage. As a consumer, I found it disappointing that over time less of their merchandise was made in Canada. I was prepared to pay a premium for quality Canadian made goods but not for cheap foreign crap! If I want made in China crap, I'll go shop at the Dollarama

 

[farquhar]

Maybe some good sales coming.

The word on Reddit is that the good sales are actually right now; markdowns of up to 60%-70% on some categories. There are $24 Million dollars in Gift Cards outstanding, and people are running to the stores to cash those out now as the concern is The Bay may end up voiding those Gift Cards, similar to how The Bay just voided their Rewards Program.

Once the company starts to liquidate, they are obliged to get the best price possible on the remaining inventory. Any inventory remaining will probably be inflated and then have a 10% off sticker to start, which will grow progressively higher with each passing week until the business shutters its doors for good in June.

 

[jeff2]

Maybe some good sales coming.

Hope they have a selection of Rockports and in size 9W. Always a problem.

 

[CLOUD 500]

The word on Reddit is that the good sales are actually right now; markdowns of up to 60%-70% on some categories. There are $24 Million dollars in Gift Cards outstanding, and people are running to the stores to cash those out now as the concern is The Bay may end up voiding those Gift Cards, similar to how The Bay just voided their Rewards Program.

Once the company starts to liquidate, they are obliged to get the best price possible on the remaining inventory. Any inventory remaining will probably be inflated and then have a 10% off sticker to start, which will grow progressively higher with each passing week until the business shutters its doors for good in June.

I doubt the colognes will go on liquidated prices?

 

[farquhar]

I doubt the colognes will go on liquidated prices?

Probably not; those never go on sale.

 

[nottyboi]

This smells like another asset stripping fraud like Sears Canada and Canada is allowing it to happen again.

 

[Muchadoaboutnothing]

Sad.

Simpsons Fairview.

View attachment 417451
Eatons Yorkdale.

View attachment 417454

The Bay addition Scarborough Town Centre

View attachment 417460

When Canada was great. That picture is particularly sad. Eatons is now an Ikea. the Bay is now a Walmart.

I miss the old bay logo I remember they were questionably going to die out when they did all that rebrand

 

[Muchadoaboutnothing]

This smells like another asset stripping fraud like Sears Canada and Canada is allowing it to happen again.

I didn’t hear about this ? Any article I can look at ?