03:50:44 EDT Mon 07 Jul 2025
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Urbana Corp
Symbol URB
Shares Issued 10,000,000
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Globe says Urbana told 17 bids made for Hudson's Bay

2025-05-12 07:47 ET - In the News

The Globe and Mail reports in its Saturday edition that a new court filing shows a process meant to find a new owner for Hudson's Bay and its assets has yielded 17 bids. A Canadian Press dispatch to The Globe says a report filed Friday by Alvarez & Marsal, the monitor guiding the Bay through creditor protection, does not name the bidders but says the offers were made after it reached out to 407 potential buyers. Fifty-four of the 407 signed a non-disclosure agreement to get access to Bay data to decide whether to place a binding bid, but less than half wound up making a formal offer. The court document says Hudson's Bay and those involved in selecting a winner are now evaluating the offers and having discussions with those who made bids. It is possible there will be several winners in the retailer's sales process because some buyers want to run stores while others just want rights to its brands, including its multicoloured Stripes motif, discount chain Zellers, housewares brand Gluckstein and apparel line Hudson North. B.C. mall owner Weihong Liu and Toronto investment manager Urbana have both gone public with their bids; Ms. Liu is interested in 25 stores, while Urbana wants the company's intellectual property.

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