Hudson’s Gulf receives approval for the sale of 3 leases to Ruby Liu, owner of BC Mall.
BC billionaire Hudson’s old Dig is converted into his own retail empire to leave his own venture in his own retail empire with the onset of his own – and an exciting battle that can reduce its entire ambitions.
Ontario Superior Court Judge Peter Osborne allowed Ruby Liu to handle the pattas for three Hudsan Bay Properties in the mall. She will pay $ 6 million for a set of leases at Tsavasen Mills in Vancouver, Mefer Shopping Center in Greater Victoria and Nanaimo, BC.
David Ward, a lawyer representing Liu, said, “She is contributing to the real value of millions of dollars for the arrangements of the creditors of companies.” “She is betting on herself.”
As he talked, an entry of Liu and his employees was seen from the gallery. Earlier that morning, she arrived wearing a stylish black blazer and a Louis Witon Purse in heels. She posed for photographs next to the arms court coat and told the media that she was planning to go to Toronto.
Canadian people on Sunday said as a final farewell to Hudson’s Bay Company as the country’s oldest retailer closed the doors of all their shops after filing for bankruptcy in March.
Sale of some Hudson’s bay leases after the department store filed for creditor protection in March, has been shy for a few months of its 355th birthday. In the following months, it was looking for a buyer who could keep some glimpse of the retailer alive, but the search was useless.
By 1 June, all 80 bays and 16 stores run under the Saks brands, which put their pattas to the tombs. A dozen bidders proposed a collective 39 properties.
Liu opens the series of modern department stores
Liu, who earned his money in the real estate market of China, won the leases in three malls, as his dialect had a better value and conditions, Bay has said.
Liu wants to use properties to open a series of modern department stores, which he will name after himself. He has told the Canadian press that they will sell makeup, jewelry and garment, but will also have space for children, dining areas and entertainment places.
She expects to spend more than $ 30 million to revive the spaces in her mall to accommodate her Ruby Liu Stores.
And this is just the beginning. The Gulf has reached a deal with him for 25 more leases and his sister is companies of Sachs companies.
Anyone who made a proposal for leases had to deposit 10 percent of his estimated purchase price. Court documents suggest that Liu deposited $ 9.4 million in addition to $ 6 million for three approved leases, which would be equal to the purchase price of $ 100 million for 28 leases.
“This is not really a commercial plan, it’s a full-cycle investment,” Liu’s lawyer ward recommended the court to recommend a three-lease deal.
‘Troubled’ process: lawyer
The remaining 25 leases are in Alberta, BC and Ontario properties that he does not perform himself. The Gulf is yet to take the approval of the court for the arrangement, but the landlords have opposed it for the spaces.
Last week, the court documents showed the landlords representing 23 leases in a group of 25 liu, who wants to buy, he will not approve his plan.
David Bish, a lawyer of the landlord Cadilac Fairview, told the judge in the court on Monday, “We are actually 25 out of 25 who have objected.”
He said that his customers and others have not been given any copies of Liu’s dialect and there is very little information about his plan.
“The process is very upset,” Bish said.
“At some point, we can discuss, if there is a forced assignment, how upset it is.”
Oxford Properties and Primaris lawyers echoed his comments.
Since it has become clear that Liu’s 25-take transaction was facing opposition, he and his employees have been aggressive on an attraction.
He started a petition, asking the public to support his goal. There were about 330 signatures till Monday morning.
He also published a public letter from Liu, who said that for the leases of Bay, his search is about starting retail and finding a way to give back to a country that gave him a new life.
Liu accepted his work “It would not be easy.” She said that some including her family have questioned her and will she spend all her fate on the enterprise.
“For me, it’s not gambling. It’s not just about money or profit,” he wrote. “This is about making something meaningful – a place full of life, where people can re -connect in the real world.”
Liu bid on owning the name of the Gulf and the owner of the trademark, but says that after realizing that she would have to continue her proposal to compete with a Canadian tire, which finally won the right to buy intellectual assets for $ 30 million.
On Friday, Osborne approved a request to remove any reference of Hudson’s Gulf and HBC in the name of Department Store Company.
Name change is the standard to avoid confusion in cases where someone has purchased the rights of the name of a collapsing company.
