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A May 9 court filing reveals that 17 bids have been submitted for the Hudson\u2019s Bay Company and its assets, as the historic Canadian retailer undergoes a sweeping sales process while liquidating all of its stores across the country. The bids were received following a broad outreach campaign by Alvarez & Marsal Canada Inc., the court-appointed monitor overseeing the retailer\u2019s restructuring under the Companies\u2019 Creditors Arrangement Act (CCAA).<\/p>\n
The latest report, filed with the Ontario Superior Court of Justice, confirms that the 355-year-old company\u2019s attempt to find new ownership \u2014 or owners \u2014 is moving into a critical evaluation stage. The court-supervised process, known as a Sale and Investment Solicitation Process (SISP), is designed to maximize value from both the Hudson\u2019s Bay brand and its physical retail footprint.<\/p>\n
17 Bids Filed Following Extensive Outreach<\/strong><\/h2>\nAlvarez & Marsal reported that it contacted 407 potentially interested parties about acquiring the company or its assets. Of those, 54 signed non-disclosure agreements to access the retailer\u2019s financial and operational data in a secure data room. Ultimately, 17 entities submitted formal bids before the April 30 deadline.<\/p>\n
While the names of most bidders remain confidential, two have gone public: Vancouver-area mall owner Weihong Liu of Central Walk, who has proposed operating up to 25 Hudson\u2019s Bay stores, and Toronto-based Urbana Corp., which is pursuing the retailer\u2019s intellectual property portfolio. Sources have also confirmed that Canadian Tire has submitted a bid focused on select brand assets, though the company has publicly stated it is not seeking to acquire the entire business.<\/p>\n
The bids vary in scope and intent. Some suitors are interested in operating stores or retaining parts of the business as a going concern. Others are focused strictly on acquiring Hudson\u2019s Bay\u2019s intellectual property, which includes well-known brands like the iconic Stripes motif, the discount chain Zellers, home goods label Distinctly Home, GlucksteinHome, and Hudson North apparel.<\/p>\n![\"\"](\"https:\/\/retailinsider.b-cdn.net\/wp-content\/uploads\/2025\/05\/IMG_2368-1200x675.jpg\")
Empty men\u2019s fragrance area on the fifth floor of Hudson\u2019s Bay Queen Street in downtown Toronto, May 7, 2025. Photo: Craig Patterson<\/figcaption><\/figure>\nLease Monetization Process Narrows<\/strong><\/h2>\nIn a parallel process, the retailer and its advisors are also working to monetize real estate value by marketing 96 leases: 80 held by Hudson\u2019s Bay, 13 Saks OFF 5TH and three Saks Fifth Avenue banners.<\/p>\n
As of the May 1 bid deadline, 12 parties had submitted binding bids on a total of 39 leases, down from the 18 interested parties and 65 leases initially noted in the earlier round. Some of the remaining 62 leases attracted no bids, and four Saks OFF 5TH properties have already been disclaimed and returned to landlords.<\/p>\n
Overlapping interest in certain properties means that some leases may still proceed to auction if multiple bidders are competing for the same locations. Oberfeld Snowcap Inc. has been retained as the broker leading the lease monetization process.<\/p>\n
No Insider Bids Received<\/strong><\/h2>\nThe monitor confirmed that no insider bids were received under either the asset sale or lease monetization processes. This effectively rules out former or existing Hudson\u2019s Bay executives or controlling shareholders from reacquiring the business under the current CCAA framework.<\/p>\n
Insiders had previously been required to submit declarations and follow a specific Insider Protocol, but the absence of such bids has rendered those guidelines moot.<\/p>\n
Full Store Liquidation Underway<\/strong><\/h2>\nAs the sale and lease monetization efforts proceed, Hudson\u2019s Bay is liquidating all of its stores. The process began on March 24, 2025, and is expected to continue until June 1, 2025, followed by a short retrieval period for furniture, fixtures, and equipment (FF&E) buyers.<\/p>\n
The monitor noted that 90% of the distribution centre inventory has already been delivered to stores, with the remainder (excluding some large furniture items) expected to arrive by May 16.<\/p>\n
Originally, six stores were excluded from the liquidation in hopes of attracting a going concern bid, but those stores \u2014 including downtown Toronto, Yorkdale, Hillcrest, downtown Montreal, Pointe-Claire and Laval \u2014 were later added to the liquidation process due to lack of viable interest.<\/p>\n![\"\"](\"https:\/\/retailinsider.b-cdn.net\/wp-content\/uploads\/2025\/05\/IMG_2375-1200x675.jpg\")
Empty men\u2019s accessory area on the fifth floor of Hudson\u2019s Bay Queen Street in downtown Toronto, May 7, 2025. Photo: Craig Patterson<\/figcaption><\/figure>\nSaks OFF 5TH Closures Continue<\/strong><\/h2>\nThirteen Saks OFF 5TH stores across Canada were also included in the liquidation plan. As of late April, nine had closed. The remaining four are expected to close by June 1, 2025. The leases for locations in Park Royal (BC), Place Ste-Foy (QC), Outlet Collection at Niagara (ON), and Queensway (Toronto) have already been disclaimed.<\/p>\n
Saks OFF 5TH opened 18 stores in Canada between 2016 and 2018 and failed to take off, with some stores selling less than $100 per square foot.\u00a0<\/p>\n
$165 Million in Debt Repayment Sought<\/strong><\/h2>\nAs part of its May 14 court appearance, Hudson\u2019s Bay is expected to request an extension of creditor protection through July 31, 2025, and seek court approval to repay up to $165 million to senior lenders.<\/p>\n
This includes approximately $24.6 million to Bank of America under its revolving credit facility and $40.9 million to the FILO Agent (Restore Capital), excluding a disputed $28 million \u201cmake-whole\u201d provision. The company\u2019s cash position as of May 2 was $194 million, well above the forecasted $123.7 million, allowing for these repayments.<\/p>\n
The monitor supports the debt repayments, noting that reducing interest expenses will benefit stakeholders and that security reviews have validated the lenders\u2019 claims.<\/p>\n![\"\"](\"https:\/\/retailinsider.b-cdn.net\/wp-content\/uploads\/2025\/05\/IMG_2360-1200x675.jpg\")
Empty section of \u2018The Room\u2019 on the third floor of Hudson\u2019s Bay Queen Street in downtown Toronto, May 7, 2025. Photo: Craig Patterson<\/figcaption><\/figure>\nArt and Artifact Auction in Planning Phase<\/strong><\/h2>\nThe report also outlines ongoing efforts to prepare for the sale of Hudson\u2019s Bay\u2019s 4,400-piece art and artifact collection, which includes paintings, archival maps, historical documents, and the company\u2019s original Royal Charter from 1670.<\/p>\n
The court has already approved separating the art sale from the general asset process, with Heffel Gallery Limited selected to lead the auction. However, no sale procedures will proceed without additional court approval.<\/p>\n
The monitor notes that many items of historical significance were donated to the Archives of Manitoba in 1993, and thus are not part of the auction. Nonetheless, consultation is underway with Indigenous groups, museums, and government bodies. Access to the full digital catalogue is available upon signing a non-disclosure agreement.<\/p>\n
The auction has attracted particular scrutiny from heritage and Indigenous organizations concerned that culturally significant items may fall into private hands.<\/p>\n
Monitor Endorses Next Steps<\/strong><\/h2>\nThe Monitor, Alvarez & Marsal, concludes its third report by recommending that the Court approve all proposed steps, including:<\/p>\n
\n- Extension of the CCAA stay to July 31<\/li>\n
- Distributions to senior secured lenders<\/li>\n
- Continued management of the liquidation, lease sales, and SISP<\/li>\n<\/ul>\n
It also confirms the retailer will continue working closely with newly appointed employee representative counsel (Ursel Phillips Fellows Hopkinson LLP) to address worker-related claims, benefits, and entitlements.<\/p>\n
As Hudson\u2019s Bay moves closer to the final stages of its CCAA proceedings, the future of one of Canada\u2019s most iconic retail brands may soon rest in the hands of multiple new owners \u2014 with its remaining stores expected to shutter in just a few weeks\u2019 time.<\/p>\n
More from Retail Insider: <\/h2>\n<\/div>\n
Lease Monetization Process Narrows<\/strong><\/h2>\nIn a parallel process, the retailer and its advisors are also working to monetize real estate value by marketing 96 leases: 80 held by Hudson\u2019s Bay, 13 Saks OFF 5TH and three Saks Fifth Avenue banners.<\/p>\n
As of the May 1 bid deadline, 12 parties had submitted binding bids on a total of 39 leases, down from the 18 interested parties and 65 leases initially noted in the earlier round. Some of the remaining 62 leases attracted no bids, and four Saks OFF 5TH properties have already been disclaimed and returned to landlords.<\/p>\n
Overlapping interest in certain properties means that some leases may still proceed to auction if multiple bidders are competing for the same locations. Oberfeld Snowcap Inc. has been retained as the broker leading the lease monetization process.<\/p>\n
No Insider Bids Received<\/strong><\/h2>\nThe monitor confirmed that no insider bids were received under either the asset sale or lease monetization processes. This effectively rules out former or existing Hudson\u2019s Bay executives or controlling shareholders from reacquiring the business under the current CCAA framework.<\/p>\n
Insiders had previously been required to submit declarations and follow a specific Insider Protocol, but the absence of such bids has rendered those guidelines moot.<\/p>\n
Full Store Liquidation Underway<\/strong><\/h2>\nAs the sale and lease monetization efforts proceed, Hudson\u2019s Bay is liquidating all of its stores. The process began on March 24, 2025, and is expected to continue until June 1, 2025, followed by a short retrieval period for furniture, fixtures, and equipment (FF&E) buyers.<\/p>\n
The monitor noted that 90% of the distribution centre inventory has already been delivered to stores, with the remainder (excluding some large furniture items) expected to arrive by May 16.<\/p>\n
Originally, six stores were excluded from the liquidation in hopes of attracting a going concern bid, but those stores \u2014 including downtown Toronto, Yorkdale, Hillcrest, downtown Montreal, Pointe-Claire and Laval \u2014 were later added to the liquidation process due to lack of viable interest.<\/p>\nEmpty men\u2019s accessory area on the fifth floor of Hudson\u2019s Bay Queen Street in downtown Toronto, May 7, 2025. Photo: Craig Patterson<\/figcaption><\/figure>\nSaks OFF 5TH Closures Continue<\/strong><\/h2>\nThirteen Saks OFF 5TH stores across Canada were also included in the liquidation plan. As of late April, nine had closed. The remaining four are expected to close by June 1, 2025. The leases for locations in Park Royal (BC), Place Ste-Foy (QC), Outlet Collection at Niagara (ON), and Queensway (Toronto) have already been disclaimed.<\/p>\n
Saks OFF 5TH opened 18 stores in Canada between 2016 and 2018 and failed to take off, with some stores selling less than $100 per square foot.\u00a0<\/p>\n
$165 Million in Debt Repayment Sought<\/strong><\/h2>\nAs part of its May 14 court appearance, Hudson\u2019s Bay is expected to request an extension of creditor protection through July 31, 2025, and seek court approval to repay up to $165 million to senior lenders.<\/p>\n
This includes approximately $24.6 million to Bank of America under its revolving credit facility and $40.9 million to the FILO Agent (Restore Capital), excluding a disputed $28 million \u201cmake-whole\u201d provision. The company\u2019s cash position as of May 2 was $194 million, well above the forecasted $123.7 million, allowing for these repayments.<\/p>\n
The monitor supports the debt repayments, noting that reducing interest expenses will benefit stakeholders and that security reviews have validated the lenders\u2019 claims.<\/p>\nEmpty section of \u2018The Room\u2019 on the third floor of Hudson\u2019s Bay Queen Street in downtown Toronto, May 7, 2025. Photo: Craig Patterson<\/figcaption><\/figure>\nArt and Artifact Auction in Planning Phase<\/strong><\/h2>\nThe report also outlines ongoing efforts to prepare for the sale of Hudson\u2019s Bay\u2019s 4,400-piece art and artifact collection, which includes paintings, archival maps, historical documents, and the company\u2019s original Royal Charter from 1670.<\/p>\n
The court has already approved separating the art sale from the general asset process, with Heffel Gallery Limited selected to lead the auction. However, no sale procedures will proceed without additional court approval.<\/p>\n
The monitor notes that many items of historical significance were donated to the Archives of Manitoba in 1993, and thus are not part of the auction. Nonetheless, consultation is underway with Indigenous groups, museums, and government bodies. Access to the full digital catalogue is available upon signing a non-disclosure agreement.<\/p>\n
The auction has attracted particular scrutiny from heritage and Indigenous organizations concerned that culturally significant items may fall into private hands.<\/p>\n
Monitor Endorses Next Steps<\/strong><\/h2>\nThe Monitor, Alvarez & Marsal, concludes its third report by recommending that the Court approve all proposed steps, including:<\/p>\n
\n- Extension of the CCAA stay to July 31<\/li>\n
- Distributions to senior secured lenders<\/li>\n
- Continued management of the liquidation, lease sales, and SISP<\/li>\n<\/ul>\n
It also confirms the retailer will continue working closely with newly appointed employee representative counsel (Ursel Phillips Fellows Hopkinson LLP) to address worker-related claims, benefits, and entitlements.<\/p>\n
As Hudson\u2019s Bay moves closer to the final stages of its CCAA proceedings, the future of one of Canada\u2019s most iconic retail brands may soon rest in the hands of multiple new owners \u2014 with its remaining stores expected to shutter in just a few weeks\u2019 time.<\/p>\n
More from Retail Insider: <\/h2>\n<\/div>\n
The monitor confirmed that no insider bids were received under either the asset sale or lease monetization processes. This effectively rules out former or existing Hudson\u2019s Bay executives or controlling shareholders from reacquiring the business under the current CCAA framework.<\/p>\n
Insiders had previously been required to submit declarations and follow a specific Insider Protocol, but the absence of such bids has rendered those guidelines moot.<\/p>\n
Full Store Liquidation Underway<\/strong><\/h2>\nAs the sale and lease monetization efforts proceed, Hudson\u2019s Bay is liquidating all of its stores. The process began on March 24, 2025, and is expected to continue until June 1, 2025, followed by a short retrieval period for furniture, fixtures, and equipment (FF&E) buyers.<\/p>\n
The monitor noted that 90% of the distribution centre inventory has already been delivered to stores, with the remainder (excluding some large furniture items) expected to arrive by May 16.<\/p>\n
Originally, six stores were excluded from the liquidation in hopes of attracting a going concern bid, but those stores \u2014 including downtown Toronto, Yorkdale, Hillcrest, downtown Montreal, Pointe-Claire and Laval \u2014 were later added to the liquidation process due to lack of viable interest.<\/p>\nEmpty men\u2019s accessory area on the fifth floor of Hudson\u2019s Bay Queen Street in downtown Toronto, May 7, 2025. Photo: Craig Patterson<\/figcaption><\/figure>\nSaks OFF 5TH Closures Continue<\/strong><\/h2>\nThirteen Saks OFF 5TH stores across Canada were also included in the liquidation plan. As of late April, nine had closed. The remaining four are expected to close by June 1, 2025. The leases for locations in Park Royal (BC), Place Ste-Foy (QC), Outlet Collection at Niagara (ON), and Queensway (Toronto) have already been disclaimed.<\/p>\n
Saks OFF 5TH opened 18 stores in Canada between 2016 and 2018 and failed to take off, with some stores selling less than $100 per square foot.\u00a0<\/p>\n
$165 Million in Debt Repayment Sought<\/strong><\/h2>\nAs part of its May 14 court appearance, Hudson\u2019s Bay is expected to request an extension of creditor protection through July 31, 2025, and seek court approval to repay up to $165 million to senior lenders.<\/p>\n
This includes approximately $24.6 million to Bank of America under its revolving credit facility and $40.9 million to the FILO Agent (Restore Capital), excluding a disputed $28 million \u201cmake-whole\u201d provision. The company\u2019s cash position as of May 2 was $194 million, well above the forecasted $123.7 million, allowing for these repayments.<\/p>\n
The monitor supports the debt repayments, noting that reducing interest expenses will benefit stakeholders and that security reviews have validated the lenders\u2019 claims.<\/p>\nEmpty section of \u2018The Room\u2019 on the third floor of Hudson\u2019s Bay Queen Street in downtown Toronto, May 7, 2025. Photo: Craig Patterson<\/figcaption><\/figure>\nArt and Artifact Auction in Planning Phase<\/strong><\/h2>\nThe report also outlines ongoing efforts to prepare for the sale of Hudson\u2019s Bay\u2019s 4,400-piece art and artifact collection, which includes paintings, archival maps, historical documents, and the company\u2019s original Royal Charter from 1670.<\/p>\n
The court has already approved separating the art sale from the general asset process, with Heffel Gallery Limited selected to lead the auction. However, no sale procedures will proceed without additional court approval.<\/p>\n
The monitor notes that many items of historical significance were donated to the Archives of Manitoba in 1993, and thus are not part of the auction. Nonetheless, consultation is underway with Indigenous groups, museums, and government bodies. Access to the full digital catalogue is available upon signing a non-disclosure agreement.<\/p>\n
The auction has attracted particular scrutiny from heritage and Indigenous organizations concerned that culturally significant items may fall into private hands.<\/p>\n
Monitor Endorses Next Steps<\/strong><\/h2>\nThe Monitor, Alvarez & Marsal, concludes its third report by recommending that the Court approve all proposed steps, including:<\/p>\n
\n- Extension of the CCAA stay to July 31<\/li>\n
- Distributions to senior secured lenders<\/li>\n
- Continued management of the liquidation, lease sales, and SISP<\/li>\n<\/ul>\n
It also confirms the retailer will continue working closely with newly appointed employee representative counsel (Ursel Phillips Fellows Hopkinson LLP) to address worker-related claims, benefits, and entitlements.<\/p>\n
As Hudson\u2019s Bay moves closer to the final stages of its CCAA proceedings, the future of one of Canada\u2019s most iconic retail brands may soon rest in the hands of multiple new owners \u2014 with its remaining stores expected to shutter in just a few weeks\u2019 time.<\/p>\n
More from Retail Insider: <\/h2>\n<\/div>\n
Saks OFF 5TH Closures Continue<\/strong><\/h2>\nThirteen Saks OFF 5TH stores across Canada were also included in the liquidation plan. As of late April, nine had closed. The remaining four are expected to close by June 1, 2025. The leases for locations in Park Royal (BC), Place Ste-Foy (QC), Outlet Collection at Niagara (ON), and Queensway (Toronto) have already been disclaimed.<\/p>\n
Saks OFF 5TH opened 18 stores in Canada between 2016 and 2018 and failed to take off, with some stores selling less than $100 per square foot.\u00a0<\/p>\n
$165 Million in Debt Repayment Sought<\/strong><\/h2>\nAs part of its May 14 court appearance, Hudson\u2019s Bay is expected to request an extension of creditor protection through July 31, 2025, and seek court approval to repay up to $165 million to senior lenders.<\/p>\n
This includes approximately $24.6 million to Bank of America under its revolving credit facility and $40.9 million to the FILO Agent (Restore Capital), excluding a disputed $28 million \u201cmake-whole\u201d provision. The company\u2019s cash position as of May 2 was $194 million, well above the forecasted $123.7 million, allowing for these repayments.<\/p>\n
The monitor supports the debt repayments, noting that reducing interest expenses will benefit stakeholders and that security reviews have validated the lenders\u2019 claims.<\/p>\nEmpty section of \u2018The Room\u2019 on the third floor of Hudson\u2019s Bay Queen Street in downtown Toronto, May 7, 2025. Photo: Craig Patterson<\/figcaption><\/figure>\nArt and Artifact Auction in Planning Phase<\/strong><\/h2>\nThe report also outlines ongoing efforts to prepare for the sale of Hudson\u2019s Bay\u2019s 4,400-piece art and artifact collection, which includes paintings, archival maps, historical documents, and the company\u2019s original Royal Charter from 1670.<\/p>\n
The court has already approved separating the art sale from the general asset process, with Heffel Gallery Limited selected to lead the auction. However, no sale procedures will proceed without additional court approval.<\/p>\n
The monitor notes that many items of historical significance were donated to the Archives of Manitoba in 1993, and thus are not part of the auction. Nonetheless, consultation is underway with Indigenous groups, museums, and government bodies. Access to the full digital catalogue is available upon signing a non-disclosure agreement.<\/p>\n
The auction has attracted particular scrutiny from heritage and Indigenous organizations concerned that culturally significant items may fall into private hands.<\/p>\n
Monitor Endorses Next Steps<\/strong><\/h2>\nThe Monitor, Alvarez & Marsal, concludes its third report by recommending that the Court approve all proposed steps, including:<\/p>\n
\n- Extension of the CCAA stay to July 31<\/li>\n
- Distributions to senior secured lenders<\/li>\n
- Continued management of the liquidation, lease sales, and SISP<\/li>\n<\/ul>\n
It also confirms the retailer will continue working closely with newly appointed employee representative counsel (Ursel Phillips Fellows Hopkinson LLP) to address worker-related claims, benefits, and entitlements.<\/p>\n
As Hudson\u2019s Bay moves closer to the final stages of its CCAA proceedings, the future of one of Canada\u2019s most iconic retail brands may soon rest in the hands of multiple new owners \u2014 with its remaining stores expected to shutter in just a few weeks\u2019 time.<\/p>\n
More from Retail Insider: <\/h2>\n<\/div>\n
As part of its May 14 court appearance, Hudson\u2019s Bay is expected to request an extension of creditor protection through July 31, 2025, and seek court approval to repay up to $165 million to senior lenders.<\/p>\n
This includes approximately $24.6 million to Bank of America under its revolving credit facility and $40.9 million to the FILO Agent (Restore Capital), excluding a disputed $28 million \u201cmake-whole\u201d provision. The company\u2019s cash position as of May 2 was $194 million, well above the forecasted $123.7 million, allowing for these repayments.<\/p>\n
The monitor supports the debt repayments, noting that reducing interest expenses will benefit stakeholders and that security reviews have validated the lenders\u2019 claims.<\/p>\n The report also outlines ongoing efforts to prepare for the sale of Hudson\u2019s Bay\u2019s 4,400-piece art and artifact collection, which includes paintings, archival maps, historical documents, and the company\u2019s original Royal Charter from 1670.<\/p>\n The court has already approved separating the art sale from the general asset process, with Heffel Gallery Limited selected to lead the auction. However, no sale procedures will proceed without additional court approval.<\/p>\n The monitor notes that many items of historical significance were donated to the Archives of Manitoba in 1993, and thus are not part of the auction. Nonetheless, consultation is underway with Indigenous groups, museums, and government bodies. Access to the full digital catalogue is available upon signing a non-disclosure agreement.<\/p>\n The auction has attracted particular scrutiny from heritage and Indigenous organizations concerned that culturally significant items may fall into private hands.<\/p>\n The Monitor, Alvarez & Marsal, concludes its third report by recommending that the Court approve all proposed steps, including:<\/p>\n It also confirms the retailer will continue working closely with newly appointed employee representative counsel (Ursel Phillips Fellows Hopkinson LLP) to address worker-related claims, benefits, and entitlements.<\/p>\n As Hudson\u2019s Bay moves closer to the final stages of its CCAA proceedings, the future of one of Canada\u2019s most iconic retail brands may soon rest in the hands of multiple new owners \u2014 with its remaining stores expected to shutter in just a few weeks\u2019 time.<\/p>\nArt and Artifact Auction in Planning Phase<\/strong><\/h2>\n
Monitor Endorses Next Steps<\/strong><\/h2>\n
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More from Retail Insider: <\/h2>\n<\/div>\n