HUDSON’S BAY ANNOUNCES LIQUIDATION ALL STORES WILL CLOSE BY JUNE 15TH

Previously, as Hudson’s Bay Company ULC wrestled with its financing difficulties, it had announced that it would slim its fleet down to only 6 Hudson Bay stores and the one remaining Canadian Saks Fifth Avenue location. At this time, the Company believes that a viable bid for the current six-store model is unlikely, and therefore will begin liquidation sales in these stores beginning Friday, April 25th. The remaining locations will join the 73 other Hudson’s Bay, 13 Saks OFF 5TH and two Saks Fifth Avenue locations already undergoing liquidation sales following the company’s filing under the Companies’ Creditors Arrangement Act (CCAA).

Should a bid be received in accordance with the Sale or Investor Solicitation Process (“SISP”), the Applicants retain the ability to withdraw these stores (or other stores) from the liquidation sale pursuant to, among others, the Amended and Restated SISP Order.

The current SISP process is still underway and remains unchanged. Reflect Advisors continues to solicit interest in, and opportunities for one or more sales of all or certain portions of the property, assets, and undertakings of the Company and/or an investment in, or refinancing of all or a portion of the business of the Company. The deadline for these submissions is April 30th.

The Hudson’s Bay and Saks Fifth Avenue stores in Canada are expected to operate no later than June 15, 2025, however, some may close earlier. Additionally, nine Saks OFF 5TH stores will close Sunday, April 27.

Court filings as well as other information related to Hudson’s Bay 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 hudsonsbay@alvarezandmarsal.com. Hudson’s Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant.