Hudson’s Bay asked an Ontario court Wednesday to approve a restructuring agreement that will give it a few extra days 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 to give it a way forward by April 7 — just three days after the deadline it originally asked for.
If Reflect Advisors, a financial advisor to Hudson’s Bay, believes a separate sales process Hudson’s Bay is running is likely to garner a buyer for any of the six stores that will provide incremental proceeds greater than the cost of omitting the stores from the liquidation, the agreement allows for an extension beyond the April 7 deadline.
Ashley Taylor, a lawyer for Hudson’s Bay, told Ontario Superior Court Judge Peter Osborne the …