{"id":57602,"date":"2025-03-19T15:58:02","date_gmt":"2025-03-19T15:58:02","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/03\/19\/hudson-bay-liquidation-feels-familiar-to-restructuring-veteran\/"},"modified":"2025-03-19T15:58:02","modified_gmt":"2025-03-19T15:58:02","slug":"hudson-bay-liquidation-feels-familiar-to-restructuring-veteran","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/03\/19\/hudson-bay-liquidation-feels-familiar-to-restructuring-veteran\/","title":{"rendered":"Hudson Bay liquidation feels familiar to restructuring veteran"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Real Estate<\/li>\n<li class=\"breadcrumbs__item\">Commercial Real Estate<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">The real estate devoted to retail chains such as Eaton\u2019s and the Bay is notoriously difficult to fill with another tenant<\/p>\n<div class=\"callout callout--noindent flex-align-center flex-justify-between\" data-evt-val=\"{\" control_fields=\"\" data-evt=\"visible\" data-evt-typ=\"element_view\"><span class=\"callout__text\"> Get the latest from Barbara Shecter straight to your inbox <\/span><button class=\"button button--icon button--primary-alt\" data-id-login-redirect=\"https:\/\/financialpost.com\/author\/bshecter\/newsletters\/\" type=\"button\"><span class=\"button__text\">Sign Up<\/span> <span aria-hidden=\"true\" class=\"button__icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 11 11\" width=\"11\"><polygon points=\"1.1 0 7 6 1.1 12 0 10.9 4.8 6 0 1.1\"\/><\/svg> <\/span><\/button><\/div>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Mar 19, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 10\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">5 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"e96283b3-5af3-498f-95cf-9e563f8d56fd\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-bay.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=379Wqet1116g3HUKAGreTg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-bay.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=6h4F6IYBXbCtyaHwUoo3mQ 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-bay.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=IMycpsCGmykZ0Mjs1u7HYw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-bay.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=frYEEWbQE7NAPSspde7AwQ 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-bay.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=SY2F8E5D3Ld6BVfipkVaUg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-bay.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=1V17DzR4dY7NOBHb_dM_gA 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-bay.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=hFCSgOz-Wbxz4vX3eoTsKg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-bay.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=fCCPGf6expHHXoIpNEHN7Q 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-bay.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=XB1EOmnKGaqhP7-qj4LWWA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-bay.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=Y_w4Rw4BMn5LhYr4aXpvKQ 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">A dismantled mannequin and empty floor space in Hudson\u2019s Bay at Masonville Place in London, Ontario on Tuesday March 18, 2025.<\/span> <span class=\"credit\">Photo by Derek Ruttan\/London Free Press\/Postmedia files<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Hudson\u2019s Bay Co. ULC\u2019s looming liquidation is eerily familiar to Hap Stephen, the veteran restructuring executive who has shepherded a number of high-profile companies through such difficulties, including the last gasps of another iconic Canadian retailer, T. Eaton Co. Ltd., better known simply as Eaton\u2019s.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cI\u2019m not surprised,\u201d he said less than a minute into a phone call to talk about what went wrong at HBC and what comes next. \u201cThis is a replay of what I went through at Eaton\u2019s.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment5285496997315443048079666221940736\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" 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authors.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__registration_only hidden\">\n<p>THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">First came the court filing for protection from creditors under the Companies\u2019 Creditors Arrangement Act, then the liquidation process, which is set to begin at Hudson\u2019s Bay as soon as the court overseeing the creditor protection process gives the nod. That decision could have come as soon as Wednesday afternoon, but the judge has now given the respective parties until Friday to come to an agreement.<\/p>\n<p>Stephen had an up-close view of Eaton\u2019s collapse in the late 1990s, first as a restructuring expert and then as the company\u2019s chief financial officer trying to navigate difficulties that followed the initial restructuring and public share offering. The final stumble into creditor protection came two years after the first, when a deal to be scooped up by a retail chain in the United States fell through.<\/p>\n<p>Eaton\u2019s creditors took a haircut in the liquidation, but a handful of stores survived thanks to retail rival Sears Co., which bought them and kept them open in large part to capture the benefits of accrued tax losses at Eaton\u2019s, Stephen said.<\/p>\n<p>\u201cThe landlords were part of the creditor group, and they were happy to have Sears continue to operate the stores for those particular (locations),\u201d he said.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot14 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories1523019405187958467031970491662336\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Top Stories\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.2.2\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment8106947950485882326540360599207936\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Stephen said Hudson\u2019s Bay finding a similar solution to rescue some of its 96 Bay, Saks Fifth Avenue and Saks Off Fifth stores is very unlikely.<\/p>\n<p>The tax-loss play that drew Sears into taking over some of the failing Eaton\u2019s stores could only work for HBC if it could find a willing buyer in the same sector, which is a much greater challenge some 25 years after the demise of Eaton\u2019s since shopping continues to increasingly move online. Sears Canada itself filed for creditor protection in 2017 and all its Canadian stores were closed by 2018.<\/p>\n<p>\u201cI don\u2019t see who could operate the stores,\u201d Stephen said. \u201cYou couldn\u2019t take them over and make them a movie theatre and use the tax loss.\u201d<\/p>\n<p>Nor does he predict much success in finding tenants to take over the leases and subleases in malls and shopping centres dotted across the country.<\/p>\n<p>\u201cWe looked at what we could do with the properties, and there wasn\u2019t a lot you could really do,\u201d he said, recalling the\u00a0Eaton\u2019s store locations that weren\u2019t taken over by Sears.<\/p>\n<p>The real estate devoted to retail chains such as Eaton\u2019s and the Bay, which sometimes occupy more than one level, is notoriously difficult to fill with another tenant, particularly if the landlord has restrictions on what type of business can be a tenant, Stephen said. Sometimes, these restrictions involve avoiding competition with other stores in the mall or shopping centre.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment4120371573563743244628490897588224\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cYou \u2026 have to conform with whatever\u2019s in your lease with the landlord,\u201d he said. \u201cHow much \u2026 could you put in that\u2019s not already there? It\u2019s a really difficult problem.\u201d<\/p>\n<p>Court filings by HBC say some of its leases are below market value, suggesting they could have value if another tenant were to assume them. Jones Lang LaSalle Real Estate Services Inc. has been retained by HBC, pending court approval, to help the ailing retailer market its store and distribution centre leases.<\/p>\n<p>However, Stephen said that while \u201canchor\u201d tenants can get a substantial discount on lease rates because they are understood to bring shoppers into the mall and benefit other tenants, a landlord is unlikely to extend such favourable terms to a new tenant, especially one selected by an ailing department store. Instead, the landlord could simply wait the process out and start fresh with another company.<\/p>\n<p>\u201cUnless \u2026 the Bay pays the landlord, the landlord takes over the property,\u201d he said. \u201cThis is (then) his property and there\u2019s no lease on it, so he could do anything he wants.\u201d<\/p>\n<p>Some insolvencies play out well for creditors when there is real estate in the mix, but Stephen, who also oversaw the process at steelmakers Essar Steel Algoma Inc. and Stelco Inc., as well as Athlete\u2019s World Ltd. and CanWest Global Communications Corp., said he doesn\u2019t see that for HBC.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment6314225739118296939119285326839808\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>For one thing, the company houses much of its real estate in a separately financed company in the United States that was created at the end of last year.<\/p>\n<p>\u201cThey took out a lot of the real estate,\u201d he said. \u201cIt wouldn\u2019t help the Canadian operations.\u201d<\/p>\n<p data-async=\"\">The newly formed U.S. company, Saks Global, which includes Saks, Bergdorf Goodman and Neiman Marcus stores in the U.S., is not part of the Canadian court-monitored proceedings now underway.<\/p>\n<p>A December news release issued when HBC closed the acquisition of luxury department store Neiman Marcus said Saks Global would house \u201cflagship properties with a US$7-billion gross asset value portfolio in luxury markets.\u201d<\/p>\n<p>It described the now standalone Canadian entity as owning or leasing a real estate portfolio valued at $2 billion, with some of that in a joint venture with RioCan Real Estate Investment Trust.<\/p>\n<p>Court filings say there are 12 \u201cfreehold\u201d and \u201chead leasehold\u201d properties in the HBC-RioCan joint venture. The stores on these properties in cities including Montreal and the Greater Toronto Area are leased or subleased from the joint venture or its subsidiaries.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment8774528539788933375801734335561728\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The filings say HBC has a number of landlords outside the joint venture, including the real estate subsidiaries of some of Canada\u2019s largest pensions: the Ontario Teachers\u2019 Pension Plan Board\u2019s Cadillac Fairview Corp. Ltd.; OMERS-owned Oxford Properties Group; and the Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec\u2019s Ivanho\u00e9 Cambridge Inc.<\/p>\n<section aria-labelledby=\"moreTopicLabel4030657453693186001352862843535360\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" bay=\"\" back=\"\" in=\"\" court=\"\" as=\"\" riocan=\"\" calls=\"\" filing=\"\" disappointing=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The closure of Hudson\u2019s Bay, which employs about 9,360 people, would \u201cdrastically\u201d alter the dynamics of malls nationally by removing a \u201cmajor anchor and driver of customer traffic.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0319-mg-hudsons.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=0TjzscKw50sUF7byB_e0XQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0319-mg-hudsons.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=q2j9vPAjQlnf9C5AnGTEbw\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0319-mg-hudsons.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=0TjzscKw50sUF7byB_e0XQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0319-mg-hudsons.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=f7A6bosZaAIMFeVoOhII7Q 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0319-mg-hudsons.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=aLIZ3sBBMlESaKjby-O9RA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Hudson&#8217;s Bay back in court as RioCan calls filing disappointing<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" an=\"\" iconic=\"\" store=\"\" what=\"\" next=\"\" for=\"\" canada=\"\" hudson=\"\" bay=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Hudson's Bay plans to liquidate some of its stores, monetize certain retail leases that hold value due to the below-market rent and focus on high-performing retail locations.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=4E8qmsHvodwYL0QEHfWTGQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=eOg4elWmqC6u7D7zEP53qg\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=4E8qmsHvodwYL0QEHfWTGQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=W_mtY2lwPskvp3JLXl0MAA 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0311-mg-hudsonsbay.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=thAbNDIABVSZGFg_zjeAoQ 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Once an iconic store, what&#8217;s next for Canada&#8217;s Hudson&#8217;s Bay?<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>Stephen said the court filings show that some of HBC\u2019s Canadian properties carry debt, second mortgages in some cases, so he isn\u2019t convinced the real estate holdings will shake out well for creditors of its Canadian operations. He is more hopeful about recoveries from the liquidation sales of clothing and other goods.<\/p>\n<p>\u201cThey could make a pretty good recovery on it if it goes well,\u201d he said. \u201c(In) the liquidation of Eaton\u2019s \u2026 the creditors ended up doing OK; much better than most insolvencies.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: bshecter@nationalpost.com <\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Hudson Bay liquidation feels familiar to restructuring veteran<\/a><br \/>\n<br \/>2025-03-19 15:58:02<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Real Estate Commercial Real Estate The real estate devoted to retail chains such as Eaton\u2019s and the Bay is notoriously difficult to fill with another tenant&#8230;<\/p>\n","protected":false},"author":2,"featured_media":57603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-57602","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/57602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=57602"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/57602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/57603"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=57602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=57602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=57602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}