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More Lease Deals Reached for Hudson's Bay Locations
ONTARIO, CANADA, JUL 25 – Hudson's Bay is selling leases to multiple buyers including Ruby Liu and YM Inc. to raise funds after closing 96 stores, with legal disputes ongoing over some deals.
- Hudson's Bay has arranged to transfer leases for six store sites, including three that were sold to B.C. billionaire Ruby Liu for $6 million.
- Earlier this year, Hudson's Bay put its leases up for sale after filing for creditor protection and closing 80 stores plus 16 under Saks banners.
- Last month, Ruby Liu received court approval to transfer leases for three malls under her ownership, and she plans to acquire 25 additional leases to launch a department store bearing her name.
- YM Inc., the apparel company, agreed to purchase five store leases for $5.03 million but was unable to obtain landlord consent for three additional locations.
- Hudson's Bay is seeking to extend creditor protection from July 31 to October 31 to complete transactions amid ongoing legal disputes over Liu's lease purchases.
11 Articles
11 Articles
Legal negotiations continue to conclude the sale of a maximum of 25 leases to the billionaire Ruby Liu.
More Lease Deals Reached for Hudson’s Bay Locations
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 …
The Record
BNN BloombergMore 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.
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