Competition for Hudson’s Bay Company assets and leases is getting set to ramp up as key deadlines for binding proposals pass this week.

Bids will be formally weighed against each other through the creditor-protection process and the future of the 355-year-old department-store chain unfold.

The binding bids for the company or non-lease assets — including rights to the iconic Stripes brand — are were Wednesday evening. Investors must submit bids for the chain’s store leases and those of its Saks banners must be submitted by Thursday.

Hudson’s Bay filed for creditor protection in March, citing the pandemic, dwindling foot traffic, and mounting tariffs as major financial pressures. The retailer is now being liquidated.

Adam Zalev, managing director at Reflect Advisors, which is advising Hudson’s Bay, told the Canadian Press there has been “a high level of interest.”

“With the bid deadline in the sales process approaching this week, the high level of sales at the stores really helps to prove the strength of the Canadian consumer and their desire to help support Hudson’s Bay, an iconic Canadian institution,” he told CP.

A source with knowledge of the process, who was not authorized to speak publicly, told the Canadian Press that a mix of well-known North American companies and financial backers have expressed interest in Hudson’s Bay assets.

Among those making a play is Urbana Corp., which has offered to acquire the company’s intellectual property and Hudson’s Bay’s 1670 founding charter — being auctioned separately through Heffel Gallery.

Other possible contenders include B.C. billionaire Weihong Liu, who has expressed a desire to “restore the Bay to its glory” through her firm Central Walk. However, she has not held a planned news conference, and her assistant declined to confirm to CP whether a bid is still in motion.

An insider bid from Hudson’s Bay management also appears to be on the table. A document circulated to lawyers earlier in April outlined a protocol to ensure fairness in the event of a bid involving unnamed members of management.

Meanwhile, investor activity around Hudson’s Bay leases is heating up. As Connect previously reported, a court filing from April 22 shows that 18 parties have expressed interest in 65 of the company’s leases, with some overlap in properties.

Many of the prospective bidders are landlords seeking more control over tenant selection.

Leases not attracting bids — currently totalling 36 — will likely revert to landlords following liquidation, expected to conclude by June 15.

Court-appointed monitor Alvarez & Marsal is overseeing the sales process.

An auction of assets may be held around May 16 if multiple qualifying offers are received, according to CP.

Court approval is targeted by May 30.

Pictured: Bay store at Metropolis at Metrotown in Burnaby, B.C.

Photo: Monte Stewart. No republishing permitted.

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