The Hudson’s Bay Company’s dramatic restructuring is entering a new phase, as new court filings confirm that no insiders — including executive chairman Richard Baker — submitted bids to regain control of the 355-year-old retailer. With multiple qualified bids now on the table and liquidation sales generating excess cash, the company is seeking to extend its creditor protection until July 31, 2025, as it works toward closing stores, monetizing leases, and possibly auctioning off its intellectual property and historical treasures.
An affidavit filed on May 7 by Jennifer Bewley, Chief Financial Officer of Hudson’s Bay’s parent company, confirmed speculation that no insider submitted a bid for the company, its leases, or its intellectual property.
“No bids were received by insiders… and insiders have declared that they will not submit a bid pursuant to the lease monetization process,” stated the affidavit.
This statement effectively removes Richard Baker — who has controlled Hudson’s Bay since 2008 — from any effort to retain control. It also dismisses earlier speculation triggered by the release of an “insider protocol” document in April that laid out rules in the event insiders entered the bidding process.
Retail analyst Carl Boutet reflected on the implications of the move. “It’s interesting to see that Baker isn’t even bidding on the leases — something he did in Europe. That says a lot about how far removed he now is from this process.”
New Bidders Emerge — But Questions Remain
While the identities of many bidders remain confidential, several names have surfaced. Toronto-based Urbana Corp. has publicly confirmed a bid for Hudson’s Bay’s intellectual property, including the historic Royal Charter. Chinese billionaire Weihong Liu — owner of Central Walk — has expressed public interest in acquiring stores to “restore The Bay to its glory.”
Canadian Tire Corp. has also reportedly placed a bid for the company’s IP — a move that, if true, could position the retailer to use the Hudson’s Bay name on private-label merchandise or marketing.
Bids for leases and assets were due by May 1, and a court-supervised auction was to take place if necessary by May 16. A final buyer could be selected and approved by the end of May.
Boutet noted that Liu’s moves are being closely watched. “She’s been the most vocal and seems the most organized. We’re hearing she’s targeting 20 to 25 locations in Ontario, B.C., and Alberta — likely including her own properties, like Woodgrove Centre and Mayfair Mall.”
Liquidation Sales and Early Store Closures
As of April 27, nine of the company’s 13 Saks OFF 5TH stores had already shuttered. The remainder are expected to close by June 1, and all Hudson’s Bay stores across Canada — 80 in total — are slated to shut down by mid-June.
Bewley’s affidavit noted that liquidation sales have exceeded expectations, generating additional cash to fund the restructuring and partial repayments to secured creditors.
“Financially it’s been exceeding their goals,” said Boutet. “They’re working more and more on consignment, which limits risk and boosts returns.”
Two Saks OFF 5TH locations — Park Royal in West Vancouver and Place Ste-Foy in Quebec City — received no bids and will be returned to landlords. Court documents referred to these as having received “disclaimer notices,” indicating HBC’s formal exit from lease obligations.
Court to Rule on Stay Extension and Distribution
Hudson’s Bay is now asking the Ontario Superior Court of Justice to extend its stay of proceedings until July 31. The court filing also seeks approval to partially distribute funds to creditors, including repayment of about $25 million related to revolving credit obligations.
The company claims the extra time will allow it to complete its lease monetization efforts, finalize the sale of its intellectual property, and conclude a separate auction being held by Heffel Gallery for 4,400 historical pieces.
Boutet noted the importance of the stay. “It’s likely focused on keeping the lease monetization process on track. The liquidation side seems nearly wrapped up. So the stay gives the team more breathing room to get deals done with landlords.”
Weihong Liu’s Vision for a Reimagined Bay
Weihong Liu, who has gone public with her intent to acquire a portion of the Hudson’s Bay assets, envisions an innovative approach. Social media posts suggest that she plans to bring Chinese brands to Canadian consumers and transform some Bay locations into experiential destinations — potentially featuring food halls, entertainment, family activities, and even pickleball courts.
Boutet said such a model draws heavily from Asian department store strategies. “In Asia, department stores serve as brand vignettes — a way to build credibility. They’re often anchored by beauty, food, and family-friendly activities. If Liu replicates that model here, it could be very compelling.”
Liu is seeking investment partners and plans to operate her stores in multicultural urban centres, aligning with demographic trends in provinces like Ontario, Alberta, and B.C.
“If she pulls this off, we could be looking at a Hudson’s Bay 3.0 — something entirely new, built on community, experience, and niche appeal,” Boutet added.
Real Estate Dynamics and Landlord Bids
An April 22 court filing confirmed that 18 unnamed parties submitted letters of intent for 65 store leases, with many bidding on overlapping locations. Landlords are reportedly among the bidders, likely in hopes of reclaiming their properties to redevelop or select new tenants.
Boutet pointed out the financial toll the HBC collapse has already inflicted. “RioCan has written off almost $210 million related to its exposure. Others are probably in similar positions. If Liu or someone else can offer a viable plan, landlords might support it simply to avoid more vacancies.”
Whether Liu can finalize deals and secure landlord cooperation remains to be seen. Her success may depend on having minimal upfront costs, including a request for leasehold improvement funding from mall landlords.
“Landlords may roll the dice if the alternative is empty space for years,” said Boutet.
Questions Around IP, Employee Retention, and Financing
With the IP sale still pending, it remains unclear whether Liu — or another party — will end up owning the Hudson’s Bay brand name and its iconic Stripes motif.
Boutet wondered aloud, “Does she even need the brand? If she’s transforming the stores into something new and experiential, the Bay name may not help — it could even hold her back.”
Court documents also referenced the importance of retaining employees — a factor that may influence the success of any bid. However, sources suggest many staff have already moved on. HBC’s e-commerce platform and call centre both shut down on May 3.
Boutet added, “The document mentions they’re considering proposals based on employee retention, but it’s unclear how much weight that actually holds now.”
Looking Ahead: A Chaotic Past, a Tenuous Future
Hudson’s Bay’s journey through creditor protection has been turbulent, but recent developments suggest some order is emerging. The sales process has brought in multiple bidders, liquidation is profitable, and the company has managed to maintain enough momentum to seek a stay extension.
Still, the ultimate future of Canada’s oldest retailer remains uncertain.
“We’re watching to see whether someone can step in with a comprehensive plan,” said Boutet. “Whether that’s Liu or someone else, it’s going to require capital, a strong vision, and buy-in from landlords and suppliers.”
If a new model emerges — one rooted in culture, community, and experiential retail — Hudson’s Bay may yet surprise Canadians. But with time ticking, and most stores slated to close within weeks, the next chapter must be written quickly.
