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Investing.com -- Hudson (NYSE:HUD)’s Bay Co. has announced plans to liquidate its remaining six stores, which had previously been excluded from the liquidation process, according to a recent court filing. The retailer is set to commence the sell-off of all merchandise in these stores starting on Friday.
The decision was made due to the "low probability" of finding a buyer for these locations, as stated by Adam Zalev, managing director of Hudson’s Bay’s financial adviser, Reflect Advisors. Zalev’s affidavit also clarified that if a bid is received that would ensure the continued operation of these stores, Hudson’s Bay retains the right to halt their liquidation.
This latest move signals the end of Hudson’s Bay’s brick-and-mortar department store operations. This development follows the company’s court-approved decision last month to liquidate 90 of its 96 Bay, Saks and Saks Off Fifth stores by mid-June. The company continues to seek investors or buyers that could potentially restructure or sustain the business.
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