Canada’s Oldest Company Tries to Avoid Full Liquidation (2)

Hudson’s Bay Co. ULC fought to avoid a full shutdown in a Toronto courtroom on Monday, asking for permission to begin liquidating most of its stores this week.

A lawyer for Canada’s oldest company, Ashley Taylor, said HBC’s efforts to solve its cash flow crisis have “failed.” Taylor also told a standing-room-only crowd at the Ontario Superior Court of Justice that if the retailer can’t find a workable solution with its creditors and landlords, it would need to fully liquidate.

HBC, which owes about C$1.1 billion ($770 million) in secured debt, sought authorization to sell inventory over the next three ...