Canada

A liquidation plan at Canada's oldest company could begin at all of its locations as soon as Tuesday and last for up to 12 weeks, but Hudson's Bay is still holding out hope that it will find a lifeline.

Lawyers for the beleaguered retailer said in an Ontario court Monday morning that if approved by the judge, the liquidation would span 80 stores as well as three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.

The process Hudson's Bay is proposing would allow the retailer to remove some stores from the liquidation, should it find sufficient financing during the 10 to 12 weeks when lawyer Ashley Taylor expects the company to offload its inventory.

"A quick start will maximize the value of the business ... and preserve whatever chance there is of a restructuring," Taylor told Ontario Superior Court Judge Peter Osborne in a hearing at a Toronto courtroom Monday.