9140 replies to this topic

[Mike K.]

There are a few who will call you a loser for not getting the credit card, that is true.

[Victoria Watcher]

The death knell is ringing for Canada's oldest company.

 

Hudson's Bay announced late Friday evening that unless it finds a more viable path forward, it will begin liquidating its entire business as soon as next week, putting more than 9,000 jobs at risk.

 

The department store chain that dates back to 1670 and now spans 80 stores said it has been forced toward a full liquidation because "exhaustive" efforts haven't turned up the financing it needs to keep at least some of its empire alive.

 

 

https://www.cbc.ca/n...nding-1.7484691

 

 

 

 

 

The filings show the company owes $950 million to 26 pages' worth of listed creditors: landlords, suppliers and other partners, including fashion heavyweights Ralph Lauren, Chanel, Columbia Sportswear, Diesel and Estee Lauder.

 

Jennifer Bewley, the chief financial officer for Hudson's Bay's parent company, said in a court filing made on March 7 that the business had to defer certain payments to such companies for many months because it was having so much trouble making payments to landlords, service providers and vendors.

 

The situation was so severe that she said a landlord "unlawfully locked" Hudson's Bay out of a store located in Sydney, N.S., and a team of bailiffs attempted to seize merchandise from another location it runs in Sherway Gardens, a suburban Toronto mall.

 

The March 7 filing was not meant to be the precursor to the closure of the business because Hudson's Bay was intent to on keeping the company alive and as much of its sprawling footprint operational as possible.

 

One week later, the company finds itself in much more dire shape. It said the store-by-store liquidation is necessary because it has only secured "limited" debtor-in-possession financing —a form of capital companies can seek for restructuring purposes after they make creditor protection filings.

Edited by Victoria Watcher, 14 March 2025 - 10:41 PM.

[Victoria Watcher]

The company owes more than $1 million to Canada Post, and is in debt to over a dozen municipalities. The list doesn't include the debt amount owed to some government agencies, figures that the filing says are unknown at this time. The amount owed to employees is to be determined, per the filing.

 

At the beginning of the year, Hudson's Bay had just $3 million in cash and cash equivalents, the documents show. The $1.1 billion it owes in secured debt includes $724.4 million in mortgages.

 

Secured creditors are lenders, like banks, which give out loans to companies. To ensure they are paid back, the creditor takes on some of the company's assets as collateral. Unsecured creditors are usually employees and suppliers, "and unfortunately they tend to be at the bottom of the food chain, so to speak," said Kovacevic.

 

"For any employees that get terminated throughout the process, unfortunately their termination and severance pay will be an unsecured claim, which means that they will likely receive cents on the dollar for those claims," she explained.

 

 

https://www.cbc.ca/n...lings-1.7483641

Edited by Victoria Watcher, 14 March 2025 - 10:43 PM.

[Victoria Watcher]

Hudson's Bay owes almost $1M on Island; mall operator biggest creditor

The department store owes just over $860,000 to Central Walk, which owns Woodgrove Mall in Nanaimo and Mayfair Mall in Victoria.


https://www.timescol...editor-10378240

Edited by Victoria Watcher, 15 March 2025 - 04:44 AM.

[Mike K.]

Crazy.

I guess that explains why the stores have lost their lustre.

If not The Bay, who could possibly take over those spaces? Serious question, would Walmart open downtown?

[Barrister]

Walmart might but I wont shop there.

[Mike K.]

I’m sure Winners would prefer to move from its Douglas Street store to one or two Bay levels, and add HomeSense. That would likely work well, and occupy one full level above grade, or at-grade plus the second floor. But then again, at-grade is so tricky with theft.

[Victoria Watcher]

Simons is a success story.

 

 

 

 

 In 2012, the company expanded its business to the West Edmonton Mall in Alberta first, before opening several more stores across Canada. The success of the location at the West Edmonton Mall led to the company being sought out as a key anchor tenant at malls across Canada. Primarily a privately held firm, La Maison Simons received outside investment for the first time in its history in 2018 when it sought to open a distribution centre in Quebec City.

Edited by Victoria Watcher, 15 March 2025 - 08:42 AM.

[Barrister]

At this point I am not sure who wants to commit to anything.

[DavidSchell]

My wife and I were in the downtown store about 3 weeks ago and noticed so much of the big ticket items were on sale and how empty so many of the shelfs were.

 

She had about $500 in points and decided to cash them in as something did not seem right. 

[Barrister]

Things could get bad here soon.

[UDeMan]

The Bay at Mayfair Mall would be a good spot for a Real Canadian Superstore, if they weren't planning the former Mayfair Lanes development. I remember that location was a Woodward's grocery store in the past.

At Bay Centre, I can see the top few floors of the Bay being converted to government offices. The Federal Government already has the Service Canada Centre/Passport office there.

The bottom floors could be divided up to separate stores. I can't think of any company that would want all levels for retail.

Edited by UDeMan, 15 March 2025 - 03:49 PM.

[spanky123]

"For any employees that get terminated throughout the process, unfortunately their termination and severance pay will be an unsecured claim, which means that they will likely receive cents on the dollar for those claims," she explained.

 

IIRC, the minimum notice entitlements and any accrued vacation pay have priority. Anything above the minimum notice would be unsecured.

[Barrister]

Maybe turn the whole place into either luxury condos or a homeless shelter.

[pgwood]

Crazy.

I guess that explains why the stores have lost their lustre.

If not The Bay, who could possibly take over those spaces? Serious question, would Walmart open downtown?

 

Cleary the answer is indoor pickle ball courts.....or at least thats what they would do in the US

[Victoria Watcher]

Shoppers have rushed to buy Hudson’s Bay point blankets after the company announced all its stores will close unless there’s a last-minute rescue.

 

Most of the shoppers looking to score one of the blankets with its instantly recognizable stripes of green, red, yellow and blue at Victoria’s Bay Centre were out of luck on Saturday.

 

There were some point blankets out on display in the morning, just around the corner from an escalator that had been shut down for maintenance on the first floor of the sprawling five-storey Hudson’s Bay store at 1150 Douglas St.

 

But they were quickly snapped up, said a store employee.

 

Just a handful of the grey-and-white sterling wool point blankets were left.

 

The Hudson’s Bay Company point blanket, which has been produced since 1779, is a complicated part of Canada’s history.

 

 

 

https://www.timescol...stores-10381938

[Mike K.]

Has Park Photo on Fort at Douglas closed down?

[Victoria Watcher]

October, 2024:    

 

 

Fairfield retailer turns to bulletproof glass after string of window-smashings

 

Phil Nicholls is fed up with having to repeatedly fix the front window of his high-end running shoe and apparel store in Fairfield Plaza

 

https://www.timescol...ashings-9736260

 

 

For much of the 30 years that Phil Nicholls has been operating his high-end running shoe and apparel store in Fairfield Plaza, his storefront has been covered in plywood.

 

If it isn’t thieves smashing his plate-glass windows to steal Nike merchandise, it’s out-of-control cars, either as a result of medical emergencies or the driver hitting the gas instead of the brake in front of his store.

 

“It seems to a lot of people that I like being behind plywood,” Nicholls said Wednesday.

 

But no more, he said.

 

Nicholls has installed bulletproof glass at 2:18 Run in what might seem like a drastic move for a small shop in a quiet suburban shopping centre.

But Nicholls said he reached a tipping point this fall.

 

After a smash-and-grab in January, thieves hit the store twice within a few days in September, breaking the glass on either side and making off with merchandise. In one case, a rock was thrown through the glass. In the other, it was likely a hammer that did the damage, he said.

 

He said “thousands of dollars” in merchandise was taken in this year’s break-ins.

 

Last week, Nicholls installed two sheets of Riot Glass at a cost of more than $15,000. He admits it’s a hefty price, but considering what he’s lost, he considers the investment worth it to ward off thieves.

 

 

 

 

Today:

 

 

 

An established sportswear and footwear retail location, situated in a high-traffic shopping plaza, is now available for purchase as an asset sale! This turnkey opportunity includes fixtures, equipment, and inventory, allowing a new operator to seamlessly take over and establish their own business in a prime retail space. The business has been operating from the same location for more than 30 years, benefiting from a steady flow of customers, ample plaza parking, and a reputation as a go-to destination for sports gear and shoes. This is an excellent opportunity for an entrepreneur or an existing retailer looking to enter or expand in the sportswear market! Further details will be disclosed upon signing an NDA.

 

https://www.realtor....-fairfield-east

 

$275,000

Edited by Victoria Watcher, 19 March 2025 - 12:03 AM.

[Barrister]

That is a shame, a sign of the times though.

[Victoria Watcher]

What we know:

 

The Target store on Flatbush Avenue in East Flatbush has implemented a new policy requiring all guests under 18 to be accompanied by an adult. 

 

The decision follows complaints from shoppers about chaotic and disruptive behavior, including shouting matches and physical fights that often take place when school lets out.

 

The backstory:

 

The new policy comes just weeks after a nearby McDonald's on Flatbush Avenue implemented a similar restriction, banning people under 20 from entering without an adult.

 

 

https://www.fox5ny.c...hts-disruptions

Edited by Victoria Watcher, 19 March 2025 - 10:15 PM.