The Ontario Superior Court of Justice’s hearings on the Hudson’s Bay Co. adjourned for the day yesterday without a final answer on the historic retailer’s fate. Counsel for HBC were seeking to initiate liquidation sales as early as today, arguing that it was the only way forward without new financing.
Instead, Justice Peter J. Osborne told the company and its landlords to continue negotiations, cautioning that selling off assets too soon could foreclose on any chance of preserving a portion of the business. A ruling could be issued as early as this afternoon. Talks between HBC and landlords aimed at keeping about half of the chain’s stores through rent waivers collapsed last week.
