Court decision on sale of 25 Hudson's Bay leases delayed as buyer appears without a lawyer
Judge Peter Osborne said he is concerned about the additional costs — $4.7 million per month — that HBC and its lenders will have to incur as a result of the delay in completing the sale, but the significance of the decision requires that she elaborate on her plans so that all parties are aware of them.
'I not only urge you, but recommend in the strongest possible terms that these parties retain counsel immediately and they be made aware of the urgency of this situation,' he said.
A lawyer representing Restore Capital LLC, the HBC lender that brought forth the motion to terminate the deal between the defunct retailer and Liu, said the delay was not good.
'The purchaser is a sophisticated party … and I wouldn't think it would be possible to simply delay and increase costs by terminating a law firm,' Linc Rogers said. 'That would be a wrong incentive to provide for participants in this proceeding.'
Liu said she is ready to 'hire people, create jobs' and 'open stores,' and that she would hire legal counsel as soon as possible.
'We will work closely with HBC, and we have already hired experts,' she said. 'We submitted business plans on May 1, and then continually updated the business plans. We have done tremendous work.'
Ashley Taylor, a lawyer representing HBC, said there has been ongoing dialogue and work with Liu to try to answer some of the landlords' questions and inquiries.
But lawyers representing the landlords didn't share Taylor's optimism. One of them said that there has been 'zero discussion' with the landlord he represents, though Liu may have had internal discussions with HBC and other lenders.
Alex Hennick, who heads A.D. Hennick & Associates Inc., a law firm that provides liquidation solutions and is not part of the HBC hearing, said it was evident that the landlords don't want to lease to someone they don't have the confidence is going to be there long term.
'They don't believe that the model is going to work in the existing locations because it didn't exist for a historic retailer who was there for so many years,' he said. 'It's a very unique situation. It's not common. The reason it is being blocked is because no one really believes it could be a successful venture.'
Canada's oldest department store filed for bankruptcy protection under the Companies' Creditors Arrangement Act on March 7. It has been selling its leases, intellectual property rights and artifacts since then and cut its workforce to pay back its creditors ever since.
Hudson's Bay fights back against lender that wants to terminate lease sales to Ruby Liu
Why the demise of Canadian retail's 'middle class' won't end with Hudson's Bay
The retailer inked an agreement to sell up to 28 leases in Ontario, Alberta and British Columbia to Liu's Tsawwassen, B.C.-based company, Central Walk, on May 23. An Ontario court approved the sale of three of those leases, but the remaining 25 have yet to be approved.
• Email: nkarim@postmedia.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
3 hours ago
- Business Upturn
FLYW LEGAL ALERT: Lose Money on Your Flywire Corporation Investment? Contact BFA Law by September 23 Class Action Deadline (NASDAQ:FLYW)
NEW YORK, Aug. 03, 2025 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Flywire Corporation (NASDAQ: FLYW) and certain of the Company's senior executives for potential violations of the federal securities laws. If you invested in Flywire, you are encouraged to obtain additional information by visiting: Investors have until September 23, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Flywire securities. The case is pending in the U.S. District Court for the Eastern District of New York and is captioned Hickman v. Flywire Corp., et al. , No. 1:25-cv-04110. Why Was Flywire Sued for Securities Fraud? Flywire operates as a payments-enablement, and software company. Its largest client vertical is education, the volumes and revenue from which rely on international enrollments and student school preferences. In and around late 2023 and early 2024, the Canadian and Australian governments began to tighten student visa and permitting rules. Despite these headwinds, Flywire consistently touted the sustainability of its revenue growth and financial condition, while downplaying the negative impacts of permit- and visa-related headwinds on the Company's business. In truth, it is alleged that Flywire overstated the strength and sustainability of its revenue growth while understating the negative impacts that the permit- and visa-related restrictions had and were likely to have on Flywire's business. The Stock Declines as the Truth Is Revealed On February 25, 2025, Flywire announced that its business in the education sector had significantly deteriorated due to worsening permit- and visa-related headwinds, including 'double digit declines in student visa issuance in our big four geographic markets,' with 'continued visa policy restrictions' anticipated in 2025. On this news, the price of Flywire stock declined roughly 37%, from $17.64 per share on February 25, 2025, to $11.05 per share on February 26, 2025. Click here for more information: What Can You Do? If you invested in Flywire you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses. Submit your information by visiting: Or contact:Ross Shikowitz [email protected] 212.789.3619
Miami Herald
4 hours ago
- Miami Herald
Whataburger debuts limited-time burger, plus a new treat. When can you get them?
Whataburger fans can soon sip — or sink their teeth into two new menu items. The Dr Pepper blackberry shake and bacon wrangler double arrive Tuesday, Aug. 5, at participating restaurants nationwide, according to the Texas-based burger chain. The limited-time offerings are the latest to land at Whataburger as the brand celebrates 75 years, marking 'its diamond anniversary' with new and returning menu favorites. In a nod to its Texas roots, the bacon wrangler double features two beef patties topped with bacon, American and Monterey Jack cheeses, crispy onions and garlic aioli on a toasted bun, Whataburger said in a news release. 'As a proud Texas-born brand, Whataburger was built on bold flavors, genuine hospitality and a spirit that feels like home,' President and CEO Debbie Stroud said in the release. 'The Bacon Wrangler Double is a delicious reminder that you can always experience a little bit of that spirit with every bite.' Customers can wash it all down with the new Dr Pepper blackberry shake, also available for a limited time. It's a fruity take on the original Dr Pepper shake, combining Whataburger's vanilla soft serve with Dr Pepper 'and a touch of blackberry flavor,' according to the restaurant's website. The burger chain offered a Dr Pepper blackberry-flavored soda at restaurants earlier this year to rave reviews. 'We paired two Texas favorites in a way that feels fresh but familiar — fun, unexpected, and full of that signature Whataburger deliciousness,' Scott Hudler, chief marketing officer for Whataburger, said at the time. Pricing information wasn't immediately available. Find your nearest Whataburger here.
Chicago Tribune
4 hours ago
- Chicago Tribune
Last chance to apply for $250 million Bally's Chicago IPO ends Monday
It's the last call for the Bally's Chicago $250 million initial public offering. Bally's Chicago will close its online portal Monday at noon, ending the opportunity for potential investors to indicate interest in the offering and perhaps own a piece of the city's first casino. All investment accounts must be funded before Tuesday at 4 p.m., with Bally's Chicago allocating shares in the IPO by Thursday, according to an email sent to potential investors. The Bally's Chicago IPO and concurrent private placement is scheduled to close on Friday, the company said. It has been a long road for the IPO, which has navigated lawsuits and regulatory delays since launching in January. It was refiled for a second time July 15 with the Securities and Exchange Commission to update the company's financials during the eight-month process. The $250 million IPO was initially an exclusive opportunity for women and minorities to buy a 25% equity stake in the casino, looking to fulfill a commitment to the city and raise money for the construction of its planned $1.7 billion entertainment complex in River West. In April, Bally's refiled and expanded the IPO to include any potential investors, with 'preferential allocations' to Chicago and Illinois residents. The elimination of the minority requirements in the IPO came as Bally's and the city faced two lawsuits in Chicago federal court alleging the investment opportunity discriminated against white men. Both lawsuits were settled, according to court filings. The IPO creates 10,000 Class A shares featuring four classes of stock ranging from $250 to $25,000, supplemented by loans from Bally's Chicago to enable 'underrepresented communities' to participate. Chicago-based Loop Capital Markets serves as the lead placement agent for the IPO. In May 2022, Rhode Island-based Bally's was selected by the city to build the Chicago casino with a proposal that includes an exhibition hall, a 500-room hotel, a 3,000-seat theater, 10 restaurants and 4,000 gaming positions at the 30-acre site of the former Chicago Tribune printing plant. Bally's Chicago has been operating a temporary casino at Medinah Temple in River North since September 2023. While there have been some construction delays, including a demolition stoppage by the city in December after a debris spill in the Chicago River, and an Illinois Gaming Board-imposed work stoppage in May over the use of unauthorized waste hauler with alleged ties to organized crime, Bally's has begun erecting the steel and concrete casino complex, which remains on target for a September 2026 opening, the company said. rchannick@
