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Several Bidders Vying for Hudson’s Bay Company Assets, Leases
Several groups have submitted bids for Hudson’s Bay Company assets and leases, says a new court filing.
But, contrary to expectations, no company insiders are seeking any assets or leases, according to an affidavit from Jennifer Bewley, CFO for the Bay’s parent company. And, the insiders have declared that they will submit any bids for leases.
Court-appointed monitor Alvarez & Marsal and other companies leading HBC through creditor protection are now evaluating bids. Pending further negotiations, agreements are expected to be in place by the end of May.
The Bay, Canada’s oldest company, sought creditor protection in May. All HBC stores and Saks-branded outlets are now in the process of liquidating and closing.
Pictured: Hudson’s Bay store in downtown Montreal.
Photo: Shutterstock
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