Latest news with #WeihongLiu
Globe and Mail
23-06-2025
- Business
- Globe and Mail
Court approves Hudson's Bay name change, sale of three leases to B.C. mall owner
B.C. mall owner Weihong Liu will move forward with plans to open department stores in three former Hudson's Bay locations, after receiving court approval on Monday to take over the leases. The three leases, for which Ms. Liu has agreed to pay $6-million, are located in the Mayfair Shopping Centre in Victoria, Tsawwassen Mills in Tsawwassen, just south of Vancouver, and the Woodgrove Centre in Nanaimo. The entrepreneur, who also goes by the name Ruby, has plans to open a chain of stores called Ruby Liu. But Ms. Liu, the chairwoman of Nanaimo, B.C.-based real estate investment company Central Walk, still faces opposition from landlords for 23 out of 25 leases she is seeking to acquire, in addition to the three approved on Monday. Struggling with mounting losses and $1.1-billion in debt, Hudson's Bay was granted court protection from its creditors on March 7 under the Companies' Creditors Arrangement Act. Canada's oldest retailer subsequently closed all its stores across the country. Ms. Liu submitted bids for a total of 28 leases under a court-supervised sale process. The three leases she will now acquire are located in malls that Central Walk owns. She has also made a $9.4-million deposit on her bids for the other leases, according to court documents. The sale process required deposits of no less than 10 per cent of each bidder's offer price for the leases, suggesting Ms. Liu has offered at least $94-million for those 25 leases. Following Monday's hearing at the Ontario Superior Court of Justice, Ms. Liu accused the other landlords of attempting to stymie the process so that the leases would be returned to their control. 'Since the lease has value itself, therefore everybody should follow CCAA, should follow Canadian law, to register, to participate in the bidding system, the process – and you should pay for the lease, since it has value,' Ms. Liu told reporters, speaking in Mandarin while Central Walk chief executive officer Linda Qin translated. 'You cannot just hope, and sit there, hoping to get the lease back for free.' Discussions with the other landlords are continuing as the company seeks their consent for the other deals, Maria Konyukhova, a lawyer with Stikeman Elliott LLP representing Hudson's Bay, told the hearing. Those deals would require court approval. In the absence of agreement from the landlords, the court could issue a 'forced assignment order,' something that lawyers for a number of landlords said at the hearing they would stringently oppose. Last week, The Globe and Mail reported that landlords were concerned, following meetings with Ms. Liu earlier this month, that she was unable to provide important information about her business plan for the stores. According to two sources with knowledge of the meetings, Ms. Liu did not specify which vendors would supply products to the stores, and where the funding would come from for urgent and costly repairs to the spaces, among other details. David Bish, a lawyer with Torys LLP representing mall owner Cadillac Fairview, confirmed during Monday's hearing that the company has not received sufficient information about Ms. Liu's plans. 'There have been, from Cadillac Fairview's perspective, no productive discussions, no meaningful disclosure,' Mr. Bish said, calling the discussions 'very troubled.' Lawyer D.J. Miller of Thornton Grout Finnigan LLP, representing Oxford properties, said her clients 'completely echo the concerns' expressed by Cadillac Fairview. Following the hearing, Ms. Liu said she believes the landlords will support her if the court decides in her favour. 'Since everybody is mature businessmen, when the right decision comes, they will support it,' Ms. Liu said. The process to sell off the leases for the Bay's stores and distribution centres drew 12 bidders. No bids were received for 62 of the locations, where landlords are taking back control of the spaces. Ms. Liu also has ambitions to expand the store network, with a particular focus on Ontario, Ms. Qin told reporters prior to the hearing. Ms. Liu said she intends to permanently relocate to Toronto and possibly move Central Walk's head office to the city. Ms. Liu has told landlords she wants to sell clothing and jewellery, as well as build dining spaces in the stores and host frequent events to draw in shoppers. 'The retail industry needs a newcomer, needs innovation,' Ms. Liu said. Also on Monday, the court approved a motion by Hudson's Bay Co. to change its name to remove any references to HBC or Hudson's Bay. The name change is a requirement of a $30-million deal to sell its intellectual property to Canadian Tire Corp. Ltd. That deal, which received court approval on June 3, specified the name change should occur within 45 days of the transaction closing – something that should occur on Monday or Tuesday, Ms. Konyukhova said. The company has not disclosed what the new name will be.
Hamilton Spectator
23-06-2025
- Business
- Hamilton Spectator
Court approves sale of three Hudson's Bay leases to billionaire mall owner Weihong Liu
An Ontario court approved the sale of three Hudson's Bay Company store leases to billionaire B.C. mall owner Weihong Liu Monday, but lawyers for other landlords whose leases she's also bidding on blasted a 'very troubled' process and lack of information. Ontario Superior Court judge Peter J. Osborne approved the sale of three leases for stores in malls Liu already owns. Hudson's Bay secured approval from the Superior Court of Justice for a $30-million deal with Liu is seeking to buy 28 leases from the insolvent department store chain. Landlords for at least 23 of the other 25 have objected to her purchase plans, according to documents filed with the court last week. Monday, a lawyer for mall owner Cadillac Fairview criticized the sale process. 'The landlords are all uncomfortable with the lack of information,' said David Bish, a partner at Torys law firm. 'The process has been very troubled.' D.J. Miller, a partner at Thornton Grout Finnegan, acting for Oxford Properties said 'there are many troubling aspects about the lack of information.' A lawyer for Liu said she was helping put money in the pockets of HBC's creditors, as well as putting forward a bold new retail vision. 'She is contributing millions of dollars of real value to the Companies' Creditors Arrangement Act process,' said David Ward, a lawyer representing Liu. 'She is betting on herself.' As he spoke, Liu and an entourage of her staff looked on from the gallery. Earlier that morning, she arrived clad in a stylish black blazer and high heel boots, carrying a Louis Vuitton purse. She posed for photos beside the court coat of arms and told media she was planning to move to Toronto. The sale of some Hudson's Bay leases comes after the storied department store filed for creditor protection in March, a few months shy of its 355th birthday. In the months after, it looked for a buyer who could keep some semblance of the retailer alive, but the search was fruitless. By June 1, all 80 Bays and 16 stores run under the Saks brands closed, putting their leases up for grabs. A dozen bidders made offers on a collective 39 properties. Liu, who made her money in China's real estate market, wound up winning the leases at three malls she runs because her bid had a superior value and terms, the Bay has said. Anyone who made an offer for leases had to make a deposit of 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million, in addition to $6 million for the three approved leases, which would equate to a purchase price of $100 million for 28 leases. 'That is not really a business plan, that is a full-circle investment,' Liu's lawyer Ward said in recommending the court accept the three-lease deal. The remaining 25 leases are in Alberta, B.C. and Ontario properties she doesn't own. The Bay has yet to seek court approval for the arrangement, but landlords for the spaces are overwhelmingly opposed to her moving in. In an interview with the Star's Estella Ren last week, Liu claimed that she has faced 'discrimination' and 'rude treatment' while seeking landlord consent for the leases she hopes to acquire. B.C. billionaire Weihong Liu has revealed new details about her plan to assume more than two Liu said she met with five or six landlords in early June, and most were friendly — but one representative from a major Toronto landlord whom she refused to name was 'extremely rude' and 'stormed out' after just five or six minutes, making it clear he did not support Liu's proposal. The Star was not able to independently verify this claim. 'I was treated unfairly and rudely — you could even call it outright discrimination,' Liu said. 'They told me I had no experience and no track record.' She pushed back on that view, arguing that even Hudson's Bay, despite being founded in 1670 and conducting business for more than 300 years, still ended up shutting down. What truly matters, she said, is understanding consumers. With files from Estella Ren and The Canadian Press
Toronto Star
18-06-2025
- Business
- Toronto Star
‘I want to achieve something big': Billionaire mall owner Weihong Liu reveals plans for old Hudson's Bay leases
A children's play zone, an Asian supermarket, a bustling food court. B.C. billionaire Weihong Liu has revealed new details about her plan to assume more than two dozen Hudson's Bay leases, and what she has in mind is nothing like the legendary department store Canadians once knew and loved. Clutching three Hudson's Bay employee training manuals from 1938, Liu, the petite Chinese entrepreneur, seated in a restaurant at the downtown Toronto Marriott Hotel on Tuesday morning, said in a rare in-person interview with the Star that she understands why the iconic Canadian retailer closed its doors — and that she knows the secret to building something new and successful.
CBC
18-06-2025
- Business
- CBC
B.C. mall owner offers $6 million for 3 Hudson's Bay leases: court documents
Social Sharing The B.C. mall owner hoping to buy dozens of Hudson's Bay leases has offered $6 million to take over three locations in malls that she owns, describing it as just the beginning of a new department store empire. Weihong (Ruby) Liu's offer puts a $2 million price tag on each of the leases at Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre in B.C., malls she owns through her real estate business, Central Walk. The deal still needs court approval. It is separate from a bid Liu made for up to 25 other leases held by the Bay and sister companies Saks Fifth Avenue and Saks Off 5th. The new details about how much money Liu is putting behind her push to move into old Bay properties are in court documents filed by the 355-year-old department store. It asks a judge to greenlight the deal. WATCH | Liu seeking 28 Hudson's Bay leases: Billionaire mall owner looks to buy up to 28 Hudson's Bay leases 24 days ago Duration 6:59 In her first interview since Hudson's Bay announced it wanted to sell many of its leases to her, the Chinese billionaire and real estate entrepreneur said the initial $6 million was just a sliver of what she could spend on the entire 28-store package and overhaul that the sites need. "Mayfair Shopping Centre and Woodgrove Centre all require renovations since the equipment in stores was outdated, which requires me to spend at least $30 million on renovations," Liu said in Mandarin. The goal of the renovations will be to transform the business into a modern retailer she will name after herself and emblazon with a red jewel logo. WATCH | How the Bay should reinvent itself: How should the Hudson's Bay Company reinvent itself? 3 months ago Duration 9:14 Canada's oldest retailer, which operates the Hudson's Bay department stores, announced it is seeking creditor protection on Friday, but that it intends to hold onto many of its prominent locations. Retail strategist David Ian Gray said scaling down and exploring their own product lines could be options for the ailing department store chain. The stores are expected to include some former Bay vendors but would also have a product range well beyond the typical assortment for North American department stores. "We will try to include makeup, jewelry, beautiful clothing, a children's playground, [something for] seniors, tech products and fitness facilities in these three stores," she said. "I hope the mall can be a place to eat, drink and have fun." Several former Bay employees she has already hired will help her develop the new brand and revamp the Bay's vast spaces, including some that are in desperate need of repairs. Court records show the oldest of the leases in her three-store deal dates back to 1993 and is linked to Mayfair Shopping Centre in Victoria, where the Bay held a space spanning more than 166,000 square feet. A second lease for a 146,000-square-foot property at the Woodgrove Centre in Nanaimo was signed in 2000 and a third 32,700-square-foot spot for Tsawwassen Mills was occupied by Saks Off 5th. 25 other leases unclear Hudson's Bay started seeking buyers for its 96 leases in March after it filed for creditor protection and began an ultimately unsuccessful search for an investor or buyer that could keep the company alive. Real estate advisers had approached 60 firms in hopes of drumming up interest in the Bay leases. A dozen eventually made offers on a collective 39 locations. In May, Liu was chosen as the successful bidder for up to 28 leases in Alberta, B.C. and Ontario, but neither company has revealed exactly which locations beyond the three she owns are part of the deal. WATCH | What went wrong for Hudson's Bay: What went wrong with Hudson's Bay? 3 months ago Duration 5:49 Anyone who made an offer for leases had to make a deposit of 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million, which would equate to a purchase price of just under $100 million. Any landlords who own properties that the Bay leased and Liu wants to move into must agree to the deal for it to move forward. Landlords were not part of the process that selected who would be given the leases and thus could choose to fight Liu's selection or compel her to meet the same terms Hudson's Bay and Saks had agreed to. Aside from Liu's deal, Bay lawyers have teased that two other companies interested in some of the department store's properties will be announced soon. Other than Canadian Tire Corp. Ltd., which was selected to purchase the Bay's intellectual property for $30 million, it is unknown who else made a play for leases.
CTV News
04-06-2025
- Business
- CTV News
Tsawwassen Mills Grand Opening Event
Vancouver Watch Ahead of the Tsawwassen Mills Grand Opening Event on May 15th, CTV Morning Live catches a glimpse of what's in store with Central Walk Board Chairman, Weihong Liu!
