Hudsons Bay seeks court agreement that offers little time to save six stores [Video]

Hudson’s Bay asked an Ontario court Wednesday to approve a restructuring agreement that will give it a short timeline to save the six stores it has so far spared from liquidation.

A new version of the agreement will force the retailer to start liquidating those stores on April 8, if it hasn’t found a likely transaction that will repay some of what it owes its senior secured lenders Bank of America, Pathlight Capital and Restore Capital by April 7 — three days after the deadline it originally asked for.

Ashley Taylor, a lawyer for Hudson’s Bay, told Ontario Superior Court judge Peter Osborne the agreement wasn’t “a very satisfying outcome.”

It wasn’t exactly what the department store wanted either, he reasoned, but was the best arrangement it could find.

“The company wanted more stores. The company wanted more time. The company wanted more latitude,” Taylor said.

Hudson’s Bay’s request for approval on …