Hudson’s Bay reaches deals to sell leases for its six store locations
The Gulf of Hudson has reached deals to sell leases from six store locations, as legal traditions continue to close a deal to sell 25 leases to BC billionaire Ruby Liu.
Legal filing shows that clothes retailer YM Inc., who owns brands such as Urban Planets, Bluenots, West 49 and Suzy Sheer, has signed a deal to buy five leases in $ 5.03 million. Documents suggest that it was unable to secure zamindar approval for three other places.
Von Mills, Onts, Tanger outlets in Kanata, ONTS in five leases.
YM had sought to purchase leases for $ 1 million at a location in Pickering, Onts, Saskatoon and Edmonton, but the landlord Wavers were not safe for those properties.
Separately, Ivano Realty Inc. Burnbai has agreed to pay $ 20,000 for a lease at Metrotown at BC, that its original company is the owner of Ivanho Cambridge.
The deals, which require court approval before any lease, can be transferred, mark the latest attempt of Bay to recover money for your lenders and hundreds of creditors, which outstand about 1 billion dollars collectively.
Hudson’s Gulf had laid down its leases for sale earlier this year, followed by the creditor for conservation and closed its 80 stores and 16 under its sister Sachs banner.
A dozen bidders proposed a total of 39 properties.
One of the bidder who wanted those places was Liu.
BC billionaire Ruby Liu is expecting 28 former Hudson’s bay retail space leases to expand his mall empire. She joined the Gloria Macranco of CBC with a translator to share her vision for the department store, in her first interview with the English language media in Canada.
He paid $ 6 million for three leases in the mall – he was a Woodgrove Center in Nanaim, Mefare Shopping Center in Victoria and Tsavavasen Mills in Delta. The deal was approved by the court last month and the leases were shifted back to Liu.
Liu was also chosen by Bay to buy 25 other leases. Zamindars are fighting the sale because they say that they have not filed a business plan which is reliable or realistic.
Court filing suggests that Hudson’s Gulf is looking for more time to close YM and Ivano transactions, taking approval of Luu deal and stakeholders to conduct auction of art holdings, amidst other measures aimed at maximizing returns.
It is demanding expansion of creditor protection from the time limit of 31 July to 31 October to fulfill the efforts.
