Hudson’s Bay Company Almost $ 1b debt, paint the court archives to paint financial portrait star-news.press/wp

Hudson’s Bay Company has nearly $ billion dollars in debt, according to the court that paint the Brave portraits of the Canadian Store struggling.

The documents were submitted within the protection of his creditors last week. The company has almost $ 2,000 considers and beautiful beauty brands, Estée Laud, L’Oréal Canada, Levi Strauss Canada, Michael Korsada, Nike Canada and Ralph Lauren.

“Scale is certainly solitimous procedures. It is very large,” said Dina Kovacevic, the Canadian Insider Insider Canada Editor. But it’s not surprise, he said.

“Last years, Pandemic Covid has had all the economic issues that are happening with traffic and world. So while monumental, I think we were probably expecting many outlets.”

The company owes Canadian posture more than $ 1 million, and a dozen is more than a municipalities. The list does not have the amount of debt that owes government agencies, the figures that the archives are currently unknown. The amount owed to employees must be determined in the archive.

At the beginning of the year, Hudson’s Bay only had $ 3 million in cash and cash equivalent, showing documents. Dollars owed in safe zorraks includes $ 724.4 million.

Secure credit is borrower, banks, business loans provide. To ensure that they are paid, the creditor takes some of the company’s assets as collateral. Uncertified creditors are usually employees and suppliers, “and unfortunately they are usually at the bottom of the food chain, so speak,” Kovancesvice said.

“For any employee that ends during the process, unfortunately, they will be a claim without claiming their termination and penalty, which means they will probably receive centers in the dollar for those claims,” ​​he explained.

‘The worker always comes out’

The bay announced last week as he was looking for creditors’ protection, as an external factor in the company of Covid-19 pandemia and the continuous trade war in the company.

Some experts say that the decline of the bay began to be much earlier than Pandemia, returning to the NRDC investment partners in 2008, and the new property of the company prioritizes its real estate on a cohesive retail strategy.

The company had lacked investment in its stores in recent years, without underestimating floors, stairs and lifts, last summer closures of continuous and faulty HVAC systems.

“I was before Christmas, and I wasn’t afraid of any part of the floor, and he wasn’t afraid of Christmas past,” Lawrence Archer said that he seated a bag in the bay.

“I’m sorry to employees,” he added. “I’ve talked to some of them there and are worried. The worker always comes out in these situations.”