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Filing positions Hudson’s Bay for recovery and long-term stability in an evolving market
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TORONTO — Hudson’s Bay Company ULC (Hudson’s Bay or the company), the Canadian entity that comprises the retailer Hudson’s Bay and TheBay.com, today announced that it has commenced proceedings under the Companies’ Creditors Arrangement Act (CCAA) pursuant to an initial order for creditor protection from the Ontario Superior Court of Justice (Commercial List) (the Court). Pursuant to the Initial Order, the Court has appointed Alvarez & Marsal Canada Inc. as the monitor to oversee the CCAA proceedings.
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After careful consideration of all reasonably available alternatives, the decision to seek protection under the CCAA was made in consultation with Hudson’s Bay’s legal and financial advisors. Among other things, the Initial Order provides for a stay of proceedings in favour of Hudson’s Bay…
