A Hudson’s Bay store is seen inside Sherway Gardens mall in Toronto on Thursday, March 9, 2023. Photo by Nathan Denette, The Canadian Press.
In a surprising development, court documents now confirm that none of Hudson’s Bay’s top executives or insiders have stepped forward with a bid to take over the iconic Canadian retailer. The once-thriving department store chain, now going through a formal restructuring, will not see its current leadership return as new owners.
Filed on Wednesday, an affidavit by Jennifer Bewley, the chief financial officer of the retailer’s parent company, revealed that insiders made no bids for Hudson’s Bay’s business, its assets, or its real estate leases. Under the law, insiders include anyone with control over the company—either directly or through partnerships. This eliminates any chance of executive chairman Richard Baker regaining control, a role he has held since 2008.
Earlier speculation had hinted at the possibility of internal interest, especially after an “insider protocol” was circulated among legal teams involved in the creditor protection process in April. That document suggested that members of management might be considering a bid and set clear rules to ensure fairness if such bids occurred. However, the deadline for all potential buyers to submit binding offers passed on April 30, and none came from insiders.
This clarification also dismisses rumors that anyone within the company was interested in acquiring valuable assets like the rights to the Hudson's Bay brand, its signature Stripes, or its extensive retail space across the country.
While insiders stayed away, outside interest remains strong. CFO Bewley mentioned that the company has received "numerous bids" for different parts of the business. Urbana Corp., an investment firm in Toronto, has openly shared its bid for the brand’s intellectual property. Meanwhile, Chinese billionaire Weihong Liu has expressed her intent on social media to buy some of the stores and revive Hudson’s Bay to its former glory.
Two unnamed sources have also disclosed that Canadian Tire is among the interested parties bidding for Hudson’s Bay’s branding or other intellectual assets, although the company has yet to confirm any involvement.
If several bids overlap, an auction is set for May 16, and the court is expected to finalize a new owner by May 30. Other auctions are in the works too. In a partnership with Heffel Gallery, Hudson’s Bay plans to sell off over 4,000 artworks and historical pieces, including its royal charter—an original document that founded the company 355 years ago.
Lease negotiations are also moving ahead. By April 22, 18 unnamed entities had submitted letters of intent for 65 property leases. Some of these interested parties are landlords themselves, hoping to regain control of their spaces by bidding on their own leases.
Still, not all locations attracted interest. No offers came in for the Saks Off Fifth stores at Park Royal Shopping Centre in Vancouver or Place Ste-Foy in Quebec, so those properties will revert back to their landlords.
The company is also speeding up store closures. Of the 13 Saks Off Fifth stores, nine were shut by April 27, and the rest are expected to close by June 1. All remaining Hudson's Bay and Saks stores, totalling 96, are now in liquidation and will be closed by June 15.
