Latest news with #CCAA
CTV News
08-07-2025
- Business
- CTV News
Hudson's Bay lender fighting retailer's Ruby Liu deal, seeking ‘super monitor': docs
Hudson's Bay signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj TORONTO — One of Hudson's Bay's biggest lenders is asking a court to stop the defunct retailer from selling up to 25 of its leases to a B.C. billionaire and appoint a 'super monitor' to more speedily liquidate the remainder of its assets. A new court motion filed by investment manager Restore Capital LLC says the deal the Bay reached with Ruby Liu should be terminated because trying to get landlord approvals to transfer the leases has been costly and fruitless. Liu signed two deals with the Bay in May. The court last month approved the $6 million sale of three leases for stores at B.C. malls she owned. The second deal was for up to 25 more leases in Alberta, B.C. and Ontario. Landlords at the properties have overwhelmingly opposed taking on Liu as a tenant because they say she has not provided them with a practical business plan. Restore's motion says the Bay has 'frittered away' its collateral because the retailer has incurred exorbitant rent costs and professional fees in its efforts to get landlords on board but has yet to secure support or seek court approval. Restore wants the court to expand the powers of a monitor appointed to guide the Bay through CCAA, so the company can be wound down. If the court doesn't agree to a 'super monitor' arrangement, it suggests appointing Richter Consulting Inc. as a receiver. This report by The Canadian Press was first published July 9, 2025 Tara Deschamps, The Canadian Press
Calgary Herald
04-07-2025
- Business
- Calgary Herald
Big box stores learning to survive with financial restructuring
Leaving a giant vacant space on the side of a mall or shopping centre is noticeable when a big box store falters. But just because a store missteps, doesn't mean it's doomed. Article content Over the years, Canada has seen some big stores go bankrupt like Sears, Eaton's and Woolworth's. Nordstrom, Oak + Fort, and more recently Hudson's Bay, have also found themselves in financial hot water, but through financial restructuring managed to avoid the fate of big box stores that came before them. Article content Article content There's four different 'difficult' scenarios that companies can find themselves in when it comes to insolvency, according to David Lewis, partner and senior vice-president in financial advisory services with BDO Edmonton. However, the benefit of one of those options, the Canadian Companies Arrangement Act (CCAA), is that the companies can live another day. Article content Article content 'The purpose of the CCAA in Canada is to restructure a business so it can continue on. Recently, what we've been seeing is it being used as winding up corporations due to large debt and multiple stakeholders having multiple different claims,' said Lewis. Article content It takes a lot to make a big box store work, and there's no shortage of moving parts. Whether it's employees spread out across the country, giant properties, or mountains of inventory that must be distributed throughout the country (and in some stores has products attached to specific seasons), there's plenty of concerns to keep track of in the giant retail machine. Lewis highlighted a few reasons why big businesses might need to speak with an insolvency trustee like him. Article content Article content 'Fraud is one of them,' Lewis said, adding that there's been recent trouble in the trucking industry related to it. Another is the 'big project,' which some companies either start or plan, hoping it will fix all its problems. Article content But the most common issue is money. Article content 'Working capital is probably the largest challenge that most businesses face. Especially smaller ones, trying to time your payments from your customers, and then your payments to your various vendors, can always be a challenge, especially in this time where we have tariff uncertainty and inflation,' he said. Article content As large retail stores seem to be increasingly struck with financial troubles, you might think it's a reflection of shifting consumer preferences. Although preferences have certainly shifted more online, John Pracejus. director of the School of Retailing and associate professor of marketing at the University of Alberta School of Business, clarified that consumer preference hasn't moved completely away from the brick and mortar stores, they're just opting for better experiences.
Edmonton Journal
04-07-2025
- Business
- Edmonton Journal
Big box stores learning to survive with financial restructuring
Article content Leaving a giant vacant space on the side of a mall or shopping centre is noticeable when a big box store falters. But just because a store missteps, doesn't mean it's doomed. Article content Over the years, Canada has seen some big stores go bankrupt like Sears, Eaton's and Woolworth's. Nordstrom, Oak + Fort, and more recently Hudson's Bay, have also found themselves in financial hot water, but through financial restructuring managed to avoid the fate of big box stores that came before them. Article content Article content There's four different 'difficult' scenarios that companies can find themselves in when it comes to insolvency, according to David Lewis, partner and senior vice-president in financial advisory services with BDO Edmonton. However, the benefit of one of those options, the Canadian Companies Arrangement Act (CCAA), is that the companies can live another day. Article content Article content 'The purpose of the CCAA in Canada is to restructure a business so it can continue on. Recently, what we've been seeing is it being used as winding up corporations due to large debt and multiple stakeholders having multiple different claims,' said Lewis. Article content It takes a lot to make a big box store work, and there's no shortage of moving parts. Whether it's employees spread out across the country, giant properties, or mountains of inventory that must be distributed throughout the country (and in some stores has products attached to specific seasons), there's plenty of concerns to keep track of in the giant retail machine. Lewis highlighted a few reasons why big businesses might need to speak with an insolvency trustee like him. Article content Article content 'Fraud is one of them,' Lewis said, adding that there's been recent trouble in the trucking industry related to it. Another is the 'big project,' which some companies either start or plan, hoping it will fix all its problems. Article content But the most common issue is money. Article content 'Working capital is probably the largest challenge that most businesses face. Especially smaller ones, trying to time your payments from your customers, and then your payments to your various vendors, can always be a challenge, especially in this time where we have tariff uncertainty and inflation,' he said. Article content As large retail stores seem to be increasingly struck with financial troubles, you might think it's a reflection of shifting consumer preferences. Although preferences have certainly shifted more online, John Pracejus. director of the School of Retailing and associate professor of marketing at the University of Alberta School of Business, clarified that consumer preference hasn't moved completely away from the brick and mortar stores, they're just opting for better experiences.
Cision Canada
24-06-2025
- Business
- Cision Canada
Donnelly Group Poised for Successful CCAA Discharge as Founder Jeff Donnelly Reacquires Assets
Jeff Donnelly has assumed the senior creditor position from Bank of Montreal and is set to exit creditor protection in early July VANCOUVER, BC, June 24, 2025 /CNW/ - The Donnelly Group, including much of its flagship hospitality portfolio under Freehouse Collective, is preparing to exit Companies' Creditors Arrangement Act (CCAA) proceedings in early July, marking a major milestone in its corporate restructuring. Founder and CEO Jeff Donnelly recently reacquired key assets from the Bank of Montreal, becoming the senior secured creditor and regaining control of the petitioner companies. With a court-approved Plan of Arrangement and the Stay of Proceedings set to expire on July 4th, a formal discharge is expected imminently. "While CCAA has been a necessary tool during a complex period, it's also been a distraction from what we do best" said Donnelly. "We've continued to design and operate some of the most compelling hospitality concepts in Canada, it's a relief to have reacquired those in creditor protection and returned to a full complement of brands, we can now focus fully on the business of creating standout spaces and experiences." Notably, not all Donnelly Group businesses were petitioners in the CCAA filing. Over the past several years the group has continued to grow and evolve, launching new successful locations while maintaining the quality and personality that define the brand. "We're a boutique hospitality group with a track record of building unique, culturally connected spaces," Donnelly added. "With the restructuring behind us we can reinvest in what makes our business successful—great hospitality fuelled by strong teams and thoughtful spaces." Despite sector headwinds, Donnelly Group maintained operational stability thanks to resilient staff, steadfast guest loyalty and the lasting appeal of its concepts. The company is now positioned to emerge from CCAA leaner, stronger, and fully aligned for growth. Donnelly Group is a boutique hospitality management company rooted in publican culture. Its hospitality arm, Freehouse Collective, operates a unique portfolio of public houses, cocktail clubs, and restaurants in Vancouver and Toronto. Each venue is designed to spark conversation and connection—drawing influence from music, art, sport, travel, and modern culture.
Yahoo
12-06-2025
- Business
- Yahoo
Over 200 students graduate from Clark County Acceleration Academies
LAS VEGAS (KLAS) — For more than 200 students in the Las Vegas valley, graduation is more than just a ceremony, it's a triumph of perseverance, resilience, and the power of second chances. Students from Clark County Acceleration Academies walked across the stage this week to receive their high school diplomas, an achievement made possible by a unique partnership between the Clark County School District and Acceleration Academies. The partnership is a flexible, personalized learning program designed for students who struggle in traditional classroom settings. 'I was nervous, happy, mixed emotions, and a little bit of everything. I'm very happy and now very excited,' graduate Teo Spencer said. CCAA offers a non-traditional model tailored to students who may have fallen behind, dropped out, or faced personal obstacles that made high school difficult. With a mix of in-person academic coaching and self-paced digital learning, students can earn credits on a flexible schedule that works for their lives as they balance jobs, family responsibilities, or mental health needs. For many of the graduates, this moment marks the end of a difficult chapter and the beginning of a new future. 'I'm going to join the Marines. I'm going to start with four years then I want to join a trade school for culinary and auto tech,' Spencer said. The graduation ceremony, filled with cheers, tears, and proud families, highlighted a growing movement toward more inclusive, student-centered education. Since its inception in Las Vegas, CCAA has helped hundreds of students re-engage with learning and regain hope. Acceleration Academies' hybrid approach uses remote and in-person learning that allows students to focus on one course at a time. 'I was in the 9th grade when I first started and I finished my three years in one year,' Graduate Anaya Levarity said. Last year The Public Education Foundation awarded over $6 million in scholarships for students in the Acceleration Academies Program. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
