The Hudson’s Bay Company (HBC) has received 17 bids in its ongoing sales of store leases, real estate and intellectual properties, according to a new court filing.

A separate process focused solely on retail leases drew 12 qualified bids for 39 locations, according to the document filed by court-appointed monitor Alvarez & Marsal, which is co-ordinating HBC’s advance through creditor protection. The bids came after 18 parties had initially submitted letters of intent, expressing interest in 65 individual leases.

No bids were submitted for 62 other leases, leaving the company at risk of incurring penalties for terminating those agreements.

Alvarez & Marsal said it will continue discussions with interested stakeholders. Interest has grown in Hudson’s Bay’s historic artifacts, prompting concerns from Indigenous communities over their potential sale. In response, the company has created a digital catalogue of its art collection for viewing under non-disclosure agreements.

Due to strong liquidation-sale proceeds, the Bay is expected to return to court Tuesday to seek approval to repay up to $151 million to senior lenders. HBC is also looking to extend its period under creditor protection to July 31.

Alvarez & Marsal has endorsed the company’s request to maintain the stay of proceedings for the longer period.

Pictured: Photo of the entrance to a Hudson’s Bay store in Ottawa.

Photo: Shutterstock.com

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