[AlbertC]

Speaking of Cheesecake Factory, I just saw in the news that the first ever one that I went to in downtown Seattle is closing down in May after 23 years in the biz. That spot was absolute gangbusters when I visited around 10 years ago, similar to how busy the Yorkdale location gets here. Must be some serious decline for that Seattle location to close down.

Downtown Seattle Cheesecake Factory closing in May after 23 years

After 23 years in downtown Seattle, the Cheesecake Factory will close the doors of its busy location.The decision was made after “extensive review and analysis,

komonews.com

 

[ShonTron]

Has anyone been inside the Queen Street store today? Daily Hive in Vancouver shows how bad the Granville Street flagship is looking: the only access between floors open to the public is an emergency stairwell.

Pecarious state of Hudson's Bay made clear in creditor protection | Urbanized

The precarious state of Hudson's Bay is now made clear in its filing for creditor protection, which has been granted by a judge.

dailyhive.com

 

[soundmuseum]

Speaking of Cheesecake Factory, I just saw in the news that the first ever one that I went to in downtown Seattle is closing down in May after 23 years in the biz. That spot was absolute gangbusters when I visited around 10 years ago, similar to how busy the Yorkdale location gets here. Must be some serious decline for that Seattle location to close down.

Downtown Seattle Cheesecake Factory closing in May after 23 years

After 23 years in downtown Seattle, the Cheesecake Factory will close the doors of its busy location.The decision was made after “extensive review and analysis,

komonews.com

When I visited in the Summer, I got the feeling that Seattle's downtown area is in a slump. Many stores were closed and the spaces for lease. Nordstrom is still open, but Macy's closed down completely and now has UNIQLO occupying only part of the ground floor space. We went into the store not realizing there was no way to access Macy's because it was shut down. Nearby, Pacific Place Mall is a ghostly husk of its former glory, with only a few scattered restaurants left including Haidilao & Ding Tai Fung, plus an AMC theatre remaining in the 5 levels. The clock seems to be ticking for the Flagship Department Store.

 

[shortbranch]

Was at Queen St store yesterday and Hugo Boss was being cleared out. I also noticed most of the fixtures have green tags on them. I don't recall seeing these before but maybe it was a coincidence

Was at Queen St store yesterday and Hugo Boss was being cleared out. I also noticed most of the fixtures have green tags on them. I don't recall seeing these before but maybe it was a coincidence

 

[Richard White]

Was at Queen St store yesterday and Hugo Boss was being cleared out. I also noticed most of the fixtures have green tags on them. I don't recall seeing these before but maybe it was a coincidence

View attachment 635944View attachment 635945View attachment 635947

Was at Queen St store yesterday and Hugo Boss was being cleared out. I also noticed most of the fixtures have green tags on them. I don't recall seeing these before but maybe it was a coincidence

@Northern Light

Any speculation on which stores are closing?

I recall hearing some stores will stay open but if the Queen St Store closes all hope is lost.

 

[Northern Light]

@Northern Light

Any speculation on which stores are closing?

I recall hearing some stores will stay open but if the Queen St Store closes all hope is lost.

Initially............while the long term viaiblity is examined, the flagships will be retained as will most higher traffic stores in larger markets ie. Yorkdale or Square One

I haven't seen any list of what will close, but I don't think its hard to picture.

In the GTA, Oakville, Erin Mills, Woodbine, Eglinton Square, Centrepoint and Pickering would be obvious chops.

I expect you'd also see HBC exit several smaller markets entirely. Kingston and Cambridge come to mind.

They're already gone from Northern Ontario.

 

[bAuHaUs]

Initially............while the long term viaiblity is examined, the flagships will be retained as will most higher traffic stores in larger markets ie. Yorkdale or Square One

I haven't seen any list of what will close, but I don't think its hard to picture.

In the GTA, Oakville, Erin Mills, Woodbine, Eglinton Square, Centrepoint and Pickering would be obvious chops.

I expect you'd also see HBC exit several smaller markets entirely. Kingston and Cambridge come to mind.

They're already gone from Northern Ontario.

Any documents with the future store closures will be posted on the Monitor's site...stay tuned.

https://www.alvarezandmarsal.com/HudsonsBay

 

[Bayer]

Yesterday, I placed one last online order with them. Stanfield's underwear!

 

[Northern Light]

Any documents with the future store closures will be posted on the Monitor's site...stay tuned.

https://www.alvarezandmarsal.com/HudsonsBay

TY for that, having lost an hour of my life........ LOL.....I read all the docs that are there.

However dire you thought HBC's position was..it was worse

I don't know that they could have met payroll for another week. (Estimated just over 3M cash on hand)

****

If one looks at both the corporate structure of HBC and the level of indebtedness.....which is nuts............. No question in my mind Richard Baker thoroughly Eddie Lamperted the place. (for those that don't get that reference he's the guy who bled Sears and Kmart dry)

I also have a clearer picture of the locations in a position to survive, without a White Knight and a very favourable disposition from the Courts.......I don't know that the business can be sustained, but if it can, its likely to be well less than the 40 stores publicly discussed.

The Docs are public record, so I may share some images later.

 

[christiesplits]

If one looks at both the corporate structure of HBC and the level of indebtedness.....which is nuts............. No question in my mind Richard Baker thoroughly Eddie Lamperted the place. (for those that don't get that reference he's the guy who bled Sears and Kmart dry)

I also have a clearer picture of the locations in a position to survive, without a White Knight and a very favourable disposition from the Courts.......I don't know that the business can be sustained, but if it can, its likely to be well less than the 40 stores publicly discussed.

The Docs are public record, so I may share some images later.

I heard good things about Bob Peter's leadership in the 90s, before he moved on to lead the LCBO.

 

[Northern Light]

I heard good things about Bob Peter's leadership in the 90s, before he moved on to lead the LCBO.

Bob was competent, but not a visionary.

The Bay never made boffo money under him.......he just kept the lights on, and sufficient goods flow to pay the bills.

That was back when the Thomsons were the owners.

It would take their kind of money to rebuild it.

***

By far, the best CEO HBC has had in the last 40 years was Bonnie Brooks. She had a real vision for where to take the business and her early efforts showed good returns.

Regrettably......she was shuffled out after far too short a time up top.

 

[Richard White]

I also have a clearer picture of the locations in a position to survive, without a White Knight and a very favourable disposition from the Courts.......I don't know that the business can be sustained, but if it can, its likely to be well less than the 40 stores publicly discussed.

I also took a look at the docs (albeit quickly) and if I am not mistaken, the STC, Yorkdale and Square One stores are at risk of closure due to their lease structure?

My head hurts reading the application record however I got the sense that they are less vulnerable than other stores like those not under a proco-opco structure.

 

[Don Coyote]

Just fyi, I went to the Bay at Erin Mills TC two days ago and they had those green stickers all over the place

 

[Northern Light]

I also took a look at the docs (albeit quickly) and if I am not mistaken, the STC, Yorkdale and Square One stores are at risk of closure due to their lease structure?

My head hurts reading the application record however I got the sense that they are less vulnerable than other stores like those not under a proco-opco structure.

They're all at risk at this point. However, I would agree w/you that Yorkdale, once a top performer for the chain and in a top performing mall has a problematic outlook.

The others, less so, but its all relative.

 

[ShonTron]

They're all at risk at this point. However, I would agree w/you that Yorkdale, once a top performer for the chain and in a top performing mall has a problematic outlook.

The others, less so, but its all relative.

I was shocked to see how bad the Yorkdale store looked last year. You’re definitely not going to get anyone up to the top floor when the escalators are permanently closed.