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CBC
23 minutes ago
- CBC
Court monitor says it doesn't support Hudson's Bay plan to sell leases to Ruby Liu
Social Sharing The court-appointed monitor overseeing Hudson's Bay's creditor protection case says it's against landlords being forced to accept a B.C. billionaire's plan to buy more than two dozen of the retailer's leases. In a new court filing made late Wednesday, Alvarez & Marsal said it does not agree that landlords should have to take on Ruby Liu as a tenant even though it says it supports the sales process that ended with her choosing to buy 28 of the Bay's leases. Liu purchased three Bay leases at B.C. malls that she owns for $6 million earlier this year, but her deal to buy the other 25 for $69.1 million has faced opposition from one of the retailer's biggest lenders and most of its landlords. They say the leases don't allow for the dining, entertainment and recreational spaces Liu has talked about opening within department stores she hopes to operate in the properties. They also say Liu's timelines and budgets are too unrealistic, given the amount of work and repairs their properties need. Liu says she doesn't think the spaces need all of the repairs landlords are demanding because the Bay was operating in the spaces without the renovations. If they are necessary, she says her company will do them, even if they exceed her current budget. A court is expected to hear arguments from both sides next Thursday and Friday before Judge Peter Osborne will rule on the matter. Alvarez & Marsal was the last party involved with the leasing portion of the case to weigh in on Liu's deal. To reach its conclusion that Liu should not get the leases, the monitor reviewed her business plan and court filings from her, the Bay, lenders and landlords. It also observed a recent cross-examination, where it said Liu testified that she was involved in preparing her business plan, but does not speak English and admitted the document was not translated into Mandarin until shortly before the hearing. "This reasonably raises concerns as to Ms. Liu's involvement and understanding of the business plan," the monitor said. When it pored through all of the documentation and her statements, it determined that Central Walk, Liu's company, looking to buy the leases, "is a start-up organization with no existing operations, no brand recognition, and no track record as a retail business." The leadership team Liu put forward is similarly inexperienced, and while she has looked to hire certain former Hudson's Bay executives and managers, "those efforts remain incomplete," the monitor said. For example, it noted that Liu said in her cross-examination that she had retained former Bay president Wayne Drummond as a consultant but for only two days. She added he would not be part of her eventual operations, the monitor said. Thus, Alvarez & Marsal concluded, "The overall lack of experience at the leadership level represents a risk to the operational viability of launching and managing 25 large department stores in the contemplated timeline." Liu hopes to open 19 of her 25 stores within six months of being assigned the leases. The remainder will open within 12 months. She plans to spend $120 million on store repairs and renovations and has talked about getting inventory from the merchandise management company, J2. However, Alvarez & Marsal's report says the recent cross-examination revealed Liu no longer intends to use J2 to manage her supply chain and has not identified any other alternative. The compressed timeline and amount of inventory she will need "represents a risk to the execution of the business plan," the monitor ultimately found.
CTV News
25 minutes ago
- CTV News
‘Fourth largest building in the world': Construction contracts awarded for St. Thomas battery plant
Two new contracts marks a major milestone for construction of the largest gigafactory in North America. 'What you can expect to see is a flurry of activity. We'll be pouring concrete for foundations in the upcoming weeks. We'll be building steel columns and all kinds of structural work,' explained Meredith Gibbons, Chief Procurement Officer for PowerCo Canada. The Volkswagen subsidiary has awarded two major contracts for construction of its St. Thomas battery plant. London-based Magil Construction will construct the concrete foundations, and Woodbridge-based Steelcon has been tapped for the steel structural work. 082125 - St. Thomas volkswagen plant Near the PowerCo battery plant construction site, St. Thomas. (Bryan Bicknell/CTV News London) 'This is our third gigafactory that we're building. We've launched the one in Germany. We're partly through the one in Valencia. And now this is our third one. So, we've really built up a track record that we do build, we will build and now we're starting to build here. So, I think we have a high trust in this market, and we have a high trust in ourselves to get the job done,' said Gibbons. Construction includes 32,500 cubic metres of concrete for the foundation, and 500,000 square feet of steel form work. The two companies together are creating several hundred onsite jobs during this phase of construction, according to St. Thomas mayor, Joe Preston. 'That's a lot of construction workers that have to be housed somewhere. So, the more local we can do it, the far easier it is on the municipality, and the corporation, to try and make sure that we can have people onsite that are doing this and do it quicker,' said Preston. 'Thank you to them, parent company Volkswagen,' said Premier Ford, speaking at an event in Sarnia Thursday. News of the new contracts comes as the premier looks to bolster domestic industries in the face of a trade war with U.S. President Trump. 'This is going to be the fourth largest building in the world, and then they're going to have their suppliers all behind their main building. It's going to create thousands of jobs,' commented Ford. 082125 - St. Thomas volkswagen plant Near the PowerCo battery plant construction site, St. Thomas. (Bryan Bicknell/CTV News London) Elgin Middlesex London MPP, Rob Flack, attending the same event, echoed Ford's comments. 'Three thousand direct jobs at the plant. Three thousand. Thirty thousand jobs across the province,' Flack said. From land-clearing, to several roundabouts, highway reconstruction, storm drainage ponds, even a rail yard - the sprawling site in St. Thomas's east end is nearly ready to go, said Preston, although no date has been set for an official ground-breaking just yet. 'In my conversations with PowerCo, as late as this morning, as soon as these companies can assemble what they need to do and get started, they will now,' he said.
National Post
25 minutes ago
- National Post
Hamilton ETFs Announces Name Change for HDIV
TORONTO — Hamilton Capital Partners Inc. (' Hamilton ETFs ') announces that effective August 14, 2025, the legal name of Hamilton Enhanced Multi-Sector Covered Call ETF was changed to Hamilton Enhanced Canadian Covered Call ETF (the ' ETF ') (the ' Name Change '). There is no change to the investment objective, investment strategy or management of the ETF associated with this name change. Article content It is anticipated that the Name Change will be reflected on the Toronto Stock Exchange (the 'TSX') at the open of the market on August 25, 2025. Article content Article content There will be no change to the ticker symbol (TSX: HDIV) or CUSIP number for the ETF associated with the Name Change. Article content The investment objective and strategy of the ETF, as outlined in the prospectus, are available on SEDAR+ ( or the company's website ( and remain unchanged. Article content About Hamilton Capital Partners Inc. (Hamilton ETFs) Article content With over $9 billion in assets under management, Hamilton ETFs is one of Canada's fastest growing ETF providers, offering a suite of innovative exchange traded funds (ETFs) designed to maximize income and growth from trusted sectors in Canada and across the globe. The firm is also an active commentator on the global financial services sector and Canadian banks; the firm's most recent Article content can be found at Article content . Article content Commissions, management fees and expenses all may be associated with an investment in exchange traded funds (ETFs). Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Article content Article content Article content
