A May 9 court filing reveals that 17 bids have been submitted for the Hudson’s Bay Company and its assets, as the historic Canadian retailer undergoes a sweeping sales process while liquidating all of its stores across the country. The bids were received following a broad outreach campaign by Alvarez & Marsal Canada Inc., the court-appointed monitor overseeing the retailer’s restructuring under the Companies’ Creditors Arrangement Act (CCAA).
The latest report, filed with the Ontario Superior Court of Justice, confirms that the 355-year-old company’s attempt to find new ownership — or owners — is moving into a critical evaluation stage. The court-supervised process, known as a Sale and Investment Solicitation Process (SISP), is designed to maximize value from both the Hudson’s Bay brand and its physical retail footprint.
17 Bids Filed Following Extensive Outreach
Alvarez & Marsal reported that it contacted 407 potentially interested parties about acquiring the company or its assets. Of those, 54 signed non-disclosure agreements to access the retailer’s financial and operational data in a secure data room. Ultimately, 17 entities submitted formal bids before the April 30 deadline.
While the names of most bidders remain confidential, two have gone public: Vancouver-area mall owner Weihong Liu of Central Walk, who has proposed operating up to 25 Hudson’s Bay stores, and Toronto-based Urbana Corp., which is pursuing the retailer’s intellectual property portfolio. Sources have also confirmed that Canadian Tire has submitted a bid focused on select brand assets, though the company has publicly stated it is not seeking to acquire the entire business.
The bids vary in scope and intent. Some suitors are interested in operating stores or retaining parts of the business as a going concern. Others are focused strictly on acquiring Hudson’s Bay’s intellectual property, which includes well-known brands like the iconic Stripes motif, the discount chain Zellers, home goods label Distinctly Home, GlucksteinHome, and Hudson North apparel.
Lease Monetization Process Narrows
In a parallel process, the retailer and its advisors are also working to monetize real estate value by marketing 96 leases: 80 held by Hudson’s Bay, 13 Saks OFF 5TH and three Saks Fifth Avenue banners.
As of the May 1 bid deadline, 12 parties had submitted binding bids on a total of 39 leases, down from the 18 interested parties and 65 leases initially noted in the earlier round. Some of the remaining 62 leases attracted no bids, and four Saks OFF 5TH properties have already been disclaimed and returned to landlords.
Overlapping interest in certain properties means that some leases may still proceed to auction if multiple bidders are competing for the same locations. Oberfeld Snowcap Inc. has been retained as the broker leading the lease monetization process.
No Insider Bids Received
The monitor confirmed that no insider bids were received under either the asset sale or lease monetization processes. This effectively rules out former or existing Hudson’s Bay executives or controlling shareholders from reacquiring the business under the current CCAA framework.
Insiders had previously been required to submit declarations and follow a specific Insider Protocol, but the absence of such bids has rendered those guidelines moot.
Full Store Liquidation Underway
As the sale and lease monetization efforts proceed, Hudson’s Bay is liquidating all of its stores. The process began on March 24, 2025, and is expected to continue until June 1, 2025, followed by a short retrieval period for furniture, fixtures, and equipment (FF&E) buyers.
The monitor noted that 90% of the distribution centre inventory has already been delivered to stores, with the remainder (excluding some large furniture items) expected to arrive by May 16.
Originally, six stores were excluded from the liquidation in hopes of attracting a going concern bid, but those stores — including downtown Toronto, Yorkdale, Hillcrest, downtown Montreal, Pointe-Claire and Laval — were later added to the liquidation process due to lack of viable interest.
Saks OFF 5TH Closures Continue
Thirteen Saks OFF 5TH stores across Canada were also included in the liquidation plan. As of late April, nine had closed. The remaining four are expected to close by June 1, 2025. The leases for locations in Park Royal (BC), Place Ste-Foy (QC), Outlet Collection at Niagara (ON), and Queensway (Toronto) have already been disclaimed.
Saks OFF 5TH opened 18 stores in Canada between 2016 and 2018 and failed to take off, with some stores selling less than $100 per square foot.
$165 Million in Debt Repayment Sought
As part of its May 14 court appearance, Hudson’s Bay is expected to request an extension of creditor protection through July 31, 2025, and seek court approval to repay up to $165 million to senior lenders.
This includes approximately $24.6 million to Bank of America under its revolving credit facility and $40.9 million to the FILO Agent (Restore Capital), excluding a disputed $28 million “make-whole” provision. The company’s cash position as of May 2 was $194 million, well above the forecasted $123.7 million, allowing for these repayments.
The monitor supports the debt repayments, noting that reducing interest expenses will benefit stakeholders and that security reviews have validated the lenders’ claims.
Art and Artifact Auction in Planning Phase
The report also outlines ongoing efforts to prepare for the sale of Hudson’s Bay’s 4,400-piece art and artifact collection, which includes paintings, archival maps, historical documents, and the company’s original Royal Charter from 1670.
The court has already approved separating the art sale from the general asset process, with Heffel Gallery Limited selected to lead the auction. However, no sale procedures will proceed without additional court approval.
The monitor notes that many items of historical significance were donated to the Archives of Manitoba in 1993, and thus are not part of the auction. Nonetheless, consultation is underway with Indigenous groups, museums, and government bodies. Access to the full digital catalogue is available upon signing a non-disclosure agreement.
The auction has attracted particular scrutiny from heritage and Indigenous organizations concerned that culturally significant items may fall into private hands.
Monitor Endorses Next Steps
The Monitor, Alvarez & Marsal, concludes its third report by recommending that the Court approve all proposed steps, including:
- Extension of the CCAA stay to July 31
- Distributions to senior secured lenders
- Continued management of the liquidation, lease sales, and SISP
It also confirms the retailer will continue working closely with newly appointed employee representative counsel (Ursel Phillips Fellows Hopkinson LLP) to address worker-related claims, benefits, and entitlements.
As Hudson’s Bay moves closer to the final stages of its CCAA proceedings, the future of one of Canada’s most iconic retail brands may soon rest in the hands of multiple new owners — with its remaining stores expected to shutter in just a few weeks’ time.
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