Lender open to giving Hudson’s Bay more time to save 6 stores so far spared from liquidation
One of Hudson’s Bay’s financiers says he is willing to support the changes to a renovation agreement that would give the retailer more time to find a way to save six shops that has so far saved from liquidation.
A lawyer of Restore Capital LLC says that his client is open to review a deadline that would force the sick warehouse to start liquidating his six survived stores on April 8, if he has not found a probable transaction to give him a way to follow the day before.
Linc Rogers says that Restore is willing to give Hudson’s bay until April 30 because he wants to resolve part of the disagreement that arose in court.
The owners opposed the agreement, stating that his first conflicts of the April deadline with another trial approved on Friday to facilitate the search for potential investors or buyers for parts of the company. That other process offers potential buyers until April 30 to make offers.
Hudson’s Bay’s workers are talking after learning that they will not receive any severance indemnity because the company confirms that it will pay $ 3 million in the bonuses to managers and managers who manage the liquidation of most of the stores.
The owners also claimed that the agreement prevents Hudson’s bay from the renovation rather than supporting the restructuring and firmly puts the company on the road to full liquidation rather than finding a way to survive.
Hudson’s Bay started liquidating everyone except six of his 80 Hudson’s Bay, 13 Saks on the fifth and three Saks Fifth Avenue stores. The six that have so far been spared have been divided between the larger areas of Toronto and larger.
