Latest news with #creditorprotection
CBC
5 days ago
- Business
- CBC
Hudson's Bay reaches deals to sell leases for six of its store locations
Social Sharing Hudson's Bay has reached deals to sell the leases of six store locations, as legal wrangling continues on work to close a deal to sell up to 25 leases to B.C. billionaire Ruby Liu. Legal filings show clothing retailer YM Inc., which owns brands such as Urban Planet, Bluenotes, West49 and Suzy Shier, has struck a deal to buy five leases for $5.03 million. The documents show it was unable to secure landlord approvals for three other locations. The five leases include Vaughan Mills in Vaughan, Ont., Tanger Outlets in Kanata, Ont., Outlet Collection in Winnipeg, CrossIron Mills near Calgary, and Toronto Premium Outlets in Halton Hills, Ont. YM had also sought to buy leases in Pickering, Ont., Saskatoon and a location in Edmonton for $1 million, but landlord waivers weren't secured for those properties. Separately, Ivanhoe Realties Inc. has agreed to pay $20,000 for a lease at Metrotown in Burnaby, B.C., that its parent company Ivanhoe Cambridge owns. The deals, which require court approval before any leases can be transferred, mark the Bay's latest attempt at recouping money for its lenders and hundreds of creditors who are owed almost $1 billion collectively. Hudson's Bay put its leases up for sale earlier this year, after it filed for creditor protection and closed its 80 stores and 16 under its sister Saks banners. A dozen bidders made offers on a total of 39 properties. One of the bidders who wanted those spaces was Liu. WATCH | B.C. billionaire Ruby Liu shares her vision for former Hudson's Bay locations: B.C. billionaire Ruby Liu shares her vision for former Hudson's Bay locations 18 days ago B.C. billionaire Ruby Liu is hoping to expand her mall empire by taking over 28 former Hudson's Bay retail space leases. She joined CBC's Gloria Macarenko with a translator to share her vision for the department stores, in her first interview with English-language media in Canada. She paid $6 million for three leases at malls she owns — Woodgrove Centre in Nanaimo, Mayfair Shopping Centre in Victoria and Tsawwassen Mills in Delta. That deal got court approval last month and the leases were transferred back to Liu. Liu was also chosen by the Bay to buy 25 other leases. Landlords are fighting that sale because they say she has not filed a business plan that is credible or realistic. Court filings show Hudson's Bay is looking for more time to close the YM and Ivanhoe transactions, seek approval of the Liu deal and conduct an auction of art holdings, among other measures aimed at maximizing returns to stakeholders. It's seeking an extension of creditor protection from the July 31 deadline to Oct. 31 to complete the efforts.
Yahoo
5 days ago
- Business
- Yahoo
More lease deals reached for Hudson's Bay locations
TORONTO — Hudson's Bay has reached deals to sell the leases of six store locations as legal wrangling continues on work to close a deal to sell up to 25 leases to B.C. billionaire Ruby Liu. Legal filings show clothing retailer YM Inc. has struck a deal to buy five leases for $5.03 million, while it was unable to secure landlord approvals for three other locations. The five leases include Vaughan Mills in Vaughan, Ont., Tanger Outlet in Kanata, Ont., Outlet Collection in Winnipeg, CrossIron Mills in Rocky View, Alta., and Toronto Premium Outlets in Halton Hills, Ont. Separately, Ivanhoe Realties Inc. has agreed to pay $20,000 for a lease at Metrotown in Burnaby, B.C., that its parent company Ivanhoe Cambridge owns. Hudson's Bay put its leases up for sale earlier this year, after it filed for creditor protection and closed its 80 stores and 16 under its sister Saks banners. Three leases which sold for $6 million were already transferred to Liu who wants to buy 25 more to open a department store. This report by The Canadian Press was first published July 25, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
15-07-2025
- Business
- CBC
Northern Pulp will not pursue new operation near Liverpool
Members of Nova Scotia's forestry sector and the natural resources minister say they're disappointed, but not surprised. On Monday, Northern Pulp announced it would continue with its creditor protection process with an effort to sell off its assets. Michael Gorman has the story.
CBC
10-06-2025
- Business
- CBC
Vancouver apparel company Oak + Fort seeks creditor protection
Social Sharing Canadian apparel brand Oak + Fort says it has obtained creditor protection as it works to restructure its business. The Vancouver-based company says the move is necessary because U.S. tariffs have joined other price pressures and led to a decline in consumer confidence and spending. The tariffs arrived after Oak + Fort pushed to open 26 new Canadian and U.S. stores in the last four years, which the company says resulted in a reduced and ultimately insufficient investment in its e-commerce platforms. Court documents show the company owes more than $25 million to creditors including some landlords who didn't receive May rent payments. Oak + Fort says it will continue to operate stores and an e-commerce business during the restructuring. It was founded in 2010 as an online boutique that eventually expanded to 42 stores in Canada and the U.S. selling womenswear, menswear, accessories, jewelry and home goods. Vancouver-based retail strategist David Ian Gray, founder of DIG360, said that there have been a rolling series of challenges for the retail sector, which has had to deal with high interest rates. "At the very same time, consumer spending has really dampened — and not just for a month or two," he told CBC News. "It's really settled down into a slump. "And there's a big difference between consumers who are buying on need, such as grocery or home improvement household items, versus where they might want to buy some fashion." Gray says the tariffs have added to a "perfect storm" for retailers like Oak + Fort, and others may face similar challenges in the months to come. The strategist said that the company had done a great job engaging shoppers in Vancouver and B.C. over the years. "But like we've seen with so many retailers, sometimes the enthusiasm you see from shoppers in your home market, you forget that might have taken you five or more years to build that up," the analyst said. "And suddenly you need to have the same level in new places ... happening overnight. And so, it's not really a surprise to me that they've had some struggles." Christy Wong, who is from New York, said she was shocked to hear that the retailer was seeking creditor protection, and that many people went to the retailers' outlet in that city.
CTV News
09-06-2025
- Business
- CTV News
Apparel brand Oak + Fort to restructure amid tariff woes
A person carries bags after shopping at the McArthurGlen Designer Outlet in Richmond, B.C., Thursday, Dec. 26, 2024. THE CANADIAN PRESS/Ethan Cairns VANCOUVER — Canadian apparel brand Oak + Fort says it has obtained creditor protection as it works to restructure the business. The Vancouver-based company says the move is necessary because U.S. tariffs have joined other price pressures and led to a decline in consumer confidence and spending. The tariffs arrived after Oak + Fort pushed to open 26 new Canadian and U.S. stores in the last four years, which the company says resulted in a reduced and ultimately insufficient investment in its e-commerce platforms. Court documents show the company owes more than $25 million to creditors including some landlords who didn't receive May rent payments. Oak + Fort says it will continue to operate stores and an e-commerce business during the restructuring. The retailer has hired Reflect Advisors LLC to assist with the restructuring. Oak + Fort was founded in 2010 as an online boutique that eventually expanded to 42 stores in Canada and the U.S. selling womenswear, menswear, accessories, jewelry and home goods. This report by The Canadian Press was first published June 7, 2025.
