Six other leases were concluded for Hudson’s Baie stores

Hudson’s Bay has concluded agreements for the sale of the leases of six stores, while the legal negotiations continue to conclude a transaction aimed at the sale of a maximum of 25 leases to the British-Colombian billionaire Ruby Liu.

Legal documents indicate that the clothing retailer YM inc., Owner of brands such asUrban Planet,Bluenotes, West49 et Suzy Shierconcluded an agreement concerning the purchase of five leases for $ 5.03 million, but failed to obtain the owners’ approval for three other locations.

The five leases include Vaughan Mills In Vaughan. However, Tangier Outlet in Kanata, Toronto Premium Outlets in Halton Hills, Ontario, Outlet Collection in Winnipeg, Manitoba, and CrossIron Mills six other leases concluded hudson’s in Rocky View, in Alberta.

YM had also sought to acquire the leases of Pickering Town Centeran Ontario. For example, you Skyview Power Centre in Edmonton, Alberta, and Midtown Plaza In Saskatoon, in Saskatchewan, for $ 1 million, but the renunciations of the owners were not obtained for these properties.

In addition. However, Ivanhoe Realties agreed to pay $ 20,000 for a lease in Metrotown in Burnaby, British Columbia, including his parent company, Ivanhoé Cambridge (IC), is the owner.

These transactions. Consequently, which require the approval of the court before any lease transfer, constitute the most recent attempt by Hudson’s bay to recover money for its lenders and hundreds of creditors to whom it owes collectively nearly a billion dollars.

Hudson Bay has put its leases on sale earlier this year. Nevertheless, after having placed itself under the protection of six other leases concluded hudson’s its creditors and having closed its 80 stores and the 16 stores in its SAKS subsidiary.

A dozen bidders have made offers on a total of 39 properties.

The resumption of leases by Ruby Liu contested – Six other leases concluded hudson's

British billionaire Ruby Liu is one of the. Therefore, bidders who coveted these spaces.

She paid $ 6 million for three leases in shopping centers she owns. the Woodgrove Centre In Nanaimo, the Mayfair Shopping Centre in Victoria and the Tsufosen Mills in Delta. This transaction was approved by the court last month and the leases were returned to Ms. Liu.

The bay has also chosen Ms. Liu to buy 25 other leases. but the owners dispute this sale, saying that it has not filed any credible or realistic business plan.

Ruby Liu wishes to open a department store with his name. She announced that it would include spaces for catering, entertainment, retail and children’s play areas.

Last week’s hearing for Ms. Liu’s transaction was shortened because she presented herself without a lawyer or documents to support her cause.

Judge Peter Osborne adjourned six other leases concluded hudson’s the hearing For a short periodexplaining to Mrs. Liu that he highly recommends him. and not only in a pressing way, to call on a lawyer to represent her in his project to buy leases.

The hearing on the transaction was postponed to August 28. but the more the dead end, the less lenders could take advantage of a possible lease sale.

Alvarez & Marsal, the controller previously appointed to guide the legal process, estimated that the non-approval of the transaction of Ms. Liu would cost at least $ 4.7 million per month in rents, property taxes, public services and other costs.

Documents indicate that Hudson’s Bay also wishes to obtain more time to conclude transactions with YM. ICobtain the approval of the transaction with Ms. Liu, organize an six other leases concluded hudson’s auction of her works of art and take other measures to maximize the performance for the stakeholders.

It requires an extension of the protection against creditors. from the deadline from July 31 to October 31, in order to carry out these approaches.