Bay-branded items are on display at the Hudson’s Bay store in Toronto, captured on March 10, 2025. (Chris Young/The Canadian Press)
Hudson’s Bay, Canada’s oldest department store chain, has received 17 formal bids from potential buyers looking to take over parts or all of the company, according to a new court document. This comes as the 355-year-old retailer continues its search for a new owner under court-supervised creditor protection.
The report, filed by court-appointed monitor Alvarez & Marsal, reveals that 407 potential buyers were contacted during the search. Of those, 54 parties signed non-disclosure agreements to gain access to the company’s internal data. Ultimately, only 17 of those took the next step and submitted formal offers.
The bidders remain unnamed in the filing, but they include a mix of those interested in operating Hudson’s Bay stores and others who want to acquire only the rights to its various brands. These include the multicoloured Stripes logo, Zellers, GlucksteinHome, Hudson North clothing, and the Distinctly Home line.
Two names have publicly confirmed their bids. B.C.-based mall owner Weihong Liu has proposed to operate 25 Hudson’s Bay stores, while Toronto investment firm Urbana Corp. is interested solely in acquiring the company’s intellectual property. Sources close to the process have also pointed to Canadian Tire as a potential bidder for the brand assets. However, Canadian Tire’s CEO Greg Hicks has stated they are not interested in taking over the company’s operations, though he did not rule out a brand acquisition.
Court documents suggest that multiple winners could emerge from the bidding process, with some buyers acquiring retail operations while others claim brand rights. If necessary, an auction will be held by May 16, followed by a court approval deadline of May 30 for finalized deals.
Meanwhile, a separate effort is underway to find businesses to take over Hudson’s Bay’s lease agreements. The company currently holds 80 leases under the Bay name and another 16 under its luxury Saks banners. The first round of lease bidding attracted 18 interested parties who collectively wanted 65 properties. That number has been narrowed to 12 groups bidding for 39 locations, with several aiming for the same sites. Sixty-two leases have yet to receive any offers, and four properties have already been handed back to landlords.
As this complex process continues, Hudson’s Bay has begun a large-scale liquidation of its stores. The clearance sales will run until June 1, with buyers of store fixtures and equipment allowed to collect their purchases in the following two weeks. Around 90 percent of inventory from distribution centres has already been delivered to stores, and the rest will arrive by May 16.
The court filing also touched on the upcoming auction of Hudson’s Bay’s 4,400-piece art and artifact collection, which includes the royal charter that founded the company. Several Indigenous organizations and archives have raised concerns about the fate of these historical items. The filing notes that many significant pieces were already donated to the Archives of Manitoba in 1993 and are no longer owned by the company.
Hudson’s Bay is expected to return to court on Tuesday to request an extension of its creditor protection, which currently ends on May 15. The company will also seek permission to repay up to $165 million to its senior lenders as it continues to navigate the road ahead.
