Hudson’s Bay Announces a Revised Liquidation Timeline

Hudson’s Bay Company ULC (Hudson’s Bay or the Company), the Canadian entity comprising the retailer Hudson’s Bay and TheBay.com, today announced an update to its Companies’ Creditors Arrangement Act (CCAA) proceedings following a series of court-approved extensions. The Ontario Superior Court of Justice has granted Hudson’s Bay permission to proceed with a revised liquidation plan, which will temporarily exclude six stores from the initial list.

This interim step gives additional time for collaborative efforts with key landlords and stakeholders aimed at restructuring the business. Other locations will begin the liquidation process as previously announced, starting Monday, March 24th.

Per the Court approved agreement, Hudson’s Bay has been granted authority to repay its debtor-in-possession financing provided by Restore Capital, LLC, an affiliate of Hilco Global, and other lenders.

The Court has also approved Hudson’s Bay’s request to initiate a Sale and Investment Solicitation Process (SISP) and a lease monetization process. Promptly launching these initiatives provides the Company with the opportunity to maximize value for the Company’s stakeholders. The SISP will explore strategic investments, partnerships, or sales to support the best possible outcome, while the lease monetization process may unlock value from the Company’s lease portfolio.

This revised plan was bolstered by strong sales over the past week that far exceeded projections, empowering Hudson’s Bay with the flexibility to continue operating the six stores while pursuing a restructuring solution. “Canadians have shown extraordinary support for Hudson’s Bay over the last two weeks and overwhelmed us with their encouragement and endearment for the brand. We are extremely fortunate to have such an engaged community behind us,” said Liz Rodbell, President and CEO of Hudson’s Bay. “Our associates have been met with extraordinary kindness from our customers—each of whom reflects the cherished relationships we have built together over generations.”

Hudson’s Bay extends sincere gratitude to its valued customers, associates, suppliers, and business partners for their continued support, patience, and loyalty throughout this restructuring process. The Company remains committed to providing updates and maintaining transparency as it moves forward.

The stores that are excluded from the liquidation at this time are as follows:

• Downtown Queen Street, 176 Yonge Street, Toronto, ON
• Yorkdale Shopping Center, Toronto, ON;
• Hillcrest Mall, Richmond Hill, ON;
• Downtown, Montreal, QC;
• Carrefour Laval, Laval, QC;
• Pointe-Claire, QC.

The Company will share additional details regarding closure timelines, and customer accommodations, including final sales events. Once the liquidation sale begins, all sales will be final. Gift cards will be accepted up to and including April 6, 2025. TheBay.com continues to operate.

About Hudson’s Bay Company ULC

Hudson’s Bay Company ULC is a Canadian entity that includes the retail company Hudson’s Bay, comprising 80 stores and TheBay.com. Through a licensing agreement, 3 Saks Fifth Avenue and 13 Saks OFF 5TH stores also operate in Canada under Hudson’s Bay Company ULC.

Additional Information

Court filings as well as other information related to Hudson’s Bay Company’s CCAA proceedings will be available on the Monitor’s website at www.alvarezandmarsal.com/HudsonsBay. Information regarding the CCAA process may also be obtained by calling the Monitor’s hotline at (416) 847-5157 (toll free), or by email at hudsonsbay@alvarezandmarsal.com. Hudson’s Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant.

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