Hudson's Bay Announces First Agreement to Monetize Certain of its Leases
TORONTO--(BUSINESS WIRE)--Hudson's Bay Company ULC (' Hudson's Bay ' or the ' Company '), as part of its ongoing restructuring under the Companies' Creditors Arrangement Act (' CCAA '), today announced that it has entered into a definitive agreement to pursue the assignment of up to 28 lease locations in Ontario, Alberta and British Columbia (the ' Assigned Leases ') to Ruby Liu Commercial Investment Corp (the ' Purchaser '), a corporation indirectly controlled by Ms. Ruby Liu, for the purposes of launching a new modern department store concept in Canada (the ' Transaction '). An affiliate of the Purchaser is an existing landlord at three of the Company's leased locations in British Columbia, which are included in the Transaction.
The agreement is the result of the previously announced lease monetization process approved by the Ontario Superior Court of Justice (Commercial List) (the ' Court '), whereby the Company sought sale proposals from qualified bidders in respect of the Company's leases. Following careful evaluation of final qualified bids, the board of directors of the Company, in consultation with the Company's financial advisor and broker, respectively, certain of the Company's senior lenders and the Court-appointed monitor of the Company (the ' Monitor '), have determined that entering into the Transaction is in the best interests of the Company and its stakeholders. The Company remains in discussions with other qualified bidders in respect of certain other lease locations, and will communicate the outcome of those discussions, as appropriate, in the future.
The assignment of the Assigned Leases to the Purchaser is conditional upon satisfactory receipt of applicable landlord consents and/or approval of the Court, and certain other terms and conditions set out in the agreement between the Company and the Purchaser. There can be no assurances that the conditions to closing will be satisfied, including within applicable deadlines to complete the Transaction.
About Hudson's Bay Company ULC
Hudson's Bay Company ULC is a Canadian entity that includes the retail company Hudson's Bay, comprising approximately 80 stores which are in the process of being liquidated in accordance with the CCAA proceedings.
Additional Information
Court filings as well as other information related to the Company's CCAA proceedings are available on the Monitor's website at www.alvarezandmarsal.com/HudsonsBay. Information regarding the CCAA proceedings may also be obtained by calling the Monitor's hotline at (416) 847-5157 (toll free), or by email at hudsonsbay@alvarezandmarsal.com. Hudson's Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant.
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