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Investing.com -- Hudson (NYSE:HUD)’s Bay Co., Canada’s oldest company, is seeking court permission to begin liquidating a majority of its stores as it fights to avoid a full shutdown. The company made the request in a Toronto courtroom on Monday, according to Bloomberg News.
Ashley Taylor, a lawyer representing Hudson’s Bay, stated that the company’s attempts to resolve its cash flow crisis have been unsuccessful. Taylor also conveyed that if the retailer cannot find a feasible solution with its creditors and landlords, it may have to resort to complete liquidation.
The company, which is in debt for about C$1.1 billion ($770 million), is seeking approval to sell inventory over the next three months to raise funds. The court proceedings, presided over by Justice Peter Osborne, were adjourned on Monday without a decision.
Hudson’s Bay was established in 1670, predating Canada itself, to facilitate trade in a large part of what was then British North America. The company currently operates 104 stores and employs over 9,300 people. Hudson’s Bay owns Hudson’s Bay, TheBay.com, and Saks Fifth Avenue, and holds the distinction of being North America’s longest continuously operating company.
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