Hudson’s Bay Announces Commencement of Court-Approved Sale and Investment Solicitation Process and Lease Monetization Process

TORONTO–(BUSINESS WIRE)–Hudson’s Bay Company ULC (Hudson’s Bay or the Company), the Canadian entity comprising the retailer Hudson’s Bay and TheBay.com, is announcing the commencement of: (i) a sale and investment solicitation process (the SISP), which was approved pursuant to an order granted by the Ontario Superior Court of Justice (the Court); and (ii) the commencement of a Court-approved lease monetization process (the Lease Monetization Process).

The SISP is being conducted by Reflect Advisors, LLC, the Court-approved financial advisor to the Company (the Financial Advisor) under the supervision of Alvarez & Marsal Canada Inc., as Court-appointed monitor of the Company (the Monitor).

The SISP is intended to solicit interest in, and opportunities for: (a) one or more sales or partial sales of all, substantially all, or certain portions of the property, assets, and undertakings of the Company and certain entities related to the Company on a liquidation or going concern basis; and/or (b) an investment in, or refinancing of all or a portion of the business of the Company and certain entities related to the Company.

The SISP sets forth the manner in which interested parties will be provided with an opportunity to participate in the process and submit offers. Among other things, the SISP provides that interested parties will receive a process summary describing the opportunity, and access to a virtual data-room and a confidential information memorandum on execution of a non-disclosure agreement acceptable to the Monitor and the Company. The SISP process summary also sets out the applicable deadlines for the submission of offers.

The deadline for qualified interested parties to submit binding proposals in the SISP is April 30, 2025, at 5:00 p.m. EDT. Interested parties should refer to the SISP for information pertaining to other important deadlines and terms thereunder.

Those who are interested in participating in the SISP can contact the Financial Advisor or the Monitor to receive additional information at:

Separately, the Lease Monetization Process is intended to seek proposals for the sale, disposition, assignment, surrender (if accepted by the applicable landlord), or other transaction forms, for the leasehold interests and all related rights and obligations held by the Company and certain entities related to the Company.

The Lease Monetization Process is being conducted by Oberfeld Snowcap Inc., the Court-approved consultant to the Company (the Consultant), under the supervision of the Monitor.

The Lease Monetization Process sets forth the manner in which interested parties will be provided with an opportunity to participate in the Lease Monetization Process and submit offers. Among other things, the Lease Monetization Process provides that interested parties will receive a summary of the leases and access to a virtual data-room on execution of a non-disclosure agreement acceptable to the Monitor and the Company. The Lease Monetization Process also sets out the applicable deadlines for the submission of offers.

The deadline for qualified interested parties to submit non-binding letters of intent in the Lease Monetization Process is April 15, 2025, at 5:00 p.m. EDT. Interested parties should refer to the Lease Monetization Process for information pertaining to other important deadlines and terms thereunder.

Those who are interested in participating in the Lease Monetization Process can contact the Consultant or the Monitor to receive additional information at:

About Hudson’s Bay Company ULC

Hudson’s Bay Company ULC is a Canadian entity that includes the retail company Hudson’s Bay, comprising 80 stores and TheBay.com. Through a licensing agreement, 3 Saks Fifth Avenue and 13 Saks OFF 5TH stores also operate in Canada under Hudson’s Bay Company ULC.

Additional Information

Court filings, including the SISP, the Lease Monetization Process, as well as other information related to the Company’s CCAA proceedings will be available on the Monitor’s website at www.alvarezandmarsal.com/HudsonsBay. Information regarding the CCAA process may also be obtained by calling the Monitor’s hotline at (416) 847-5157 (toll free), or by email at [email protected]. Hudson’s Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant.

Contacts

[email protected]
VP, Corporate Communications