Hudson's Bay's Financial Crisis

This is a South Carolina news story, published by Global News, that relates primarily to Richard Baker news.

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Business

Business & Economics

Hudson’s Bay plans ‘immediate’ liquidation of entire business - National | Globalnews.ca

Summary

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67% Informative

Hudson’s Bay says it can't secure enough financing to keep at least some of its empire alive.

A closure of the entire business, which is planned pending a court appearance set for Monday , would mean job losses for 9,364 employees.

The company plans to sell off its assets over the coming months , pending court approval, which could include an auction.

American real estate kingpin Richard Baker bought Hudson’s Bay in 2008 from widow of late South Carolina businessman Jerry Zucker for $1.1 billion .

Baker took the company public in 2012 and then turned it private again with a takeover bid that had to be boosted twice to earn shareholder approval in the weeks before Canada was hit with COVID-19 pandemic lockdowns.

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Informative language

Neutral language

Article tone

semi-formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful