Hudson's Bay Liquidates Stores
This is a Canada news story, published by Global News, that relates primarily to Saks Fifth Avenue news.
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Business & Economics
Hudson’s Bay liquidation sales don’t apply to all products. Which ones? - National | Globalnews.ca
66% Informative
Hudson's Bay has 80 stores under the Hudson’s Bay banner, as well as the three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.
The six stores being saved for now — are the flagship location on Yonge Street in Toronto .
The other three stores not liquidating are in the Montreal area.
The retailer started the liquidation on Monday and plans to wrap it up by June 15 .
The company’s pension plan had 4,000 active and inactive members with defined benefit entitlements.
The pension plan is “sufficiently funded and is able to satisfy its liabilities,” court documents say.
Staff have been told their pensions are safe, but a supplemental retirement pension plan, which covers executives and senior managers, is underfunded.
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