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CITIZEN PHOTO BY MATTHEW HILLIER
It’s business as usual at The Bay store in Prince George for now, but that could change this week as its parent company waits for a judge’s ruling on its liquidation plans. See a related story on Page 5.
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575 VictoriaStreet Street| |Prince PrinceGeorge George || info@mycommonwealth.ca info@mycommonwealth.ca 331 George
mycommonwealth.ca 331 George Street | Prince George | info@mycommonwealth.ca
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331 George Street | Prince George | info@mycommonwealth.ca
The Bay in Prince George could begin liquidating its goods this week if a court approves its struggling parent company’s plan to radically downsize its operations at 80 Bay and 16 Saks stores. The company, which filed for creditor protection on March 7, is dealing with challenges such as low consumer spending, Canada-U.S. trade tensions, and a drop in foot traffic after the pandemic. Hudson’s Bay proposed a liquidation that would span 10 to 12 weeks, during which it could remove some stores from the process if it secures new financing. However, Ontario Superior Court Judge Peter Osborne postponed a decision, citing the need for more time to consider the complex issues involved. The 354-year-old retailer’s financial difficulties include deferred payments to landlords, vendors and employees. Hudson’s Bay had planned to restructure by closing half its stores, but financing fell through at the last minute. Although the company secured $23 million in funding from Restore Capital, it still faces a shortfall, pushing the liquidation plan forward and putting 9,000 Canadian jobs at risk.
“
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PRINCE GEORGE CITIZEN
250.960.2233
DAN MCLAREN Founder & Financial Advisor DAN MCLAREN Founder & Financial Advisor
DanMMcLaren DAN CLAREN Founder & Financial Advisor President