Hudson’s Bay liquidation sales begin at all but six of its stores

Canada’s oldest company will begin liquidating most of its stores this morning.

Hudson’s Bay says all but six of its locations will be selling off their inventory.

The company is aiming to wrap up the liquidation by June 15. Gift cards will be accepted until April 6, but loyalty points cannot be used.

Hudson’s Bay says all sales will be final at the liquidating stores.

The six stores omitted from the liquidation sales include the flagship on Yonge Street in Toronto, as well as a location in the city’s Yorkdale Mall and another farther north in Hillcrest Mall in Richmond Hill, Ont.

The remaining three span downtown Montreal, the Carrefour Laval Mall and Point-Claire, Que.

The liquidation comes after the company filed for creditor protection earlier this month, saying it was facing financial difficulties stemming from lower consumer spending, reduced downtown traffic and trade tensions between Canada and the U.S.

Earlier this week, the Toronto flagship location on Queen Street West was close to selling out of items bearing the brand’s iconic green, red, yellow and indigo stripes. Sales were so strong between March 8 and 14 that the company made $21 million, beating its own estimates by about $7.4 million, court documents show.

The cash from the sales will allow the company to pay up to $7 million monthly in rent it pays a joint venture with RioCan Real Estate Investment Trust, with which it owns some real estate. It can now also pay back $16 million in financing it received from Restore Capital earlier in the month to keep it afloat.