Latest news with #Hudson'sBayCompanyULC
Business Wire
23-05-2025
- Business
- Business Wire
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 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@ Hudson's Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant.
Yahoo
23-05-2025
- Business
- Yahoo
Hudson's Bay Announces First Agreement to Monetize Certain of its Leases
TORONTO, May 23, 2025--(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 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@ Hudson's Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant. View source version on Contacts VP, Corporate Communications Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Hudson's Bay Announces Agreement to Sell its Intellectual Property and Brand Assets
TORONTO, May 15, 2025--(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 sell its intellectual property portfolio, including the HBC Stripes and other brand assets, to Canadian Tire Corporation. "We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience," said Liz Rodbell, President and CEO, Hudson's Bay. "I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward." The agreement is the result of the previously announced sale and investment solicitation process approved by the Ontario Superior Court of Justice (Commercial List) (the "Court"), whereby the Company sought sale proposals and investment proposals from qualified bidders in respect of the Company's property and business. Following careful evaluation of final qualified bids, the board of directors of the Company, in consultation with Reflect Advisors, LLC, in its capacity as the Company's financial advisor, certain of the Company's senior lenders and the Court-appointed monitor (the "Monitor") of the Company, have determined that entering into the transaction is in the best interests of the Company and its stakeholders. The agreement is subject to Court-approval and other customary terms and conditions, and is expected to close in the summer of 2025. The purchase price for the intellectual property portfolio is $30,001,670, and the sale excludes the Company's art and artifacts which will be subject to a separate Court-approved process. The sale and investment solicitation process and lease monetization process remain ongoing and updates will be provided as appropriate. 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 79 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 Hudson's Bay Company's CCAA proceedings will be available on the Monitor's website at 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@ Hudson's Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant. View source version on Contacts VP, Corporate Communications Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Hudson's Bay Announces Agreement to Sell its Intellectual Property and Brand Assets
TORONTO, May 15, 2025--(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 sell its intellectual property portfolio, including the HBC Stripes and other brand assets, to Canadian Tire Corporation. "We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience," said Liz Rodbell, President and CEO, Hudson's Bay. "I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward." The agreement is the result of the previously announced sale and investment solicitation process approved by the Ontario Superior Court of Justice (Commercial List) (the "Court"), whereby the Company sought sale proposals and investment proposals from qualified bidders in respect of the Company's property and business. Following careful evaluation of final qualified bids, the board of directors of the Company, in consultation with Reflect Advisors, LLC, in its capacity as the Company's financial advisor, certain of the Company's senior lenders and the Court-appointed monitor (the "Monitor") of the Company, have determined that entering into the transaction is in the best interests of the Company and its stakeholders. The agreement is subject to Court-approval and other customary terms and conditions, and is expected to close in the summer of 2025. The purchase price for the intellectual property portfolio is $30,001,670, and the sale excludes the Company's art and artifacts which will be subject to a separate Court-approved process. The sale and investment solicitation process and lease monetization process remain ongoing and updates will be provided as appropriate. 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 79 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 Hudson's Bay Company's CCAA proceedings will be available on the Monitor's website at 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@ Hudson's Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant. View source version on Contacts VP, Corporate Communications
Business Wire
15-05-2025
- Business
- Business Wire
Hudson's Bay Announces Agreement to Sell its Intellectual Property and Brand Assets
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 sell its intellectual property portfolio, including the HBC Stripes and other brand assets, to Canadian Tire Corporation. 'We are grateful that the HBC brand has found a home with another heritage retailer that encapsulates the uniquely authentic Canadian experience,' said Liz Rodbell, President and CEO, Hudson's Bay. 'I have no doubt they will be strong stewards of the more than 350-year HBC legacy as they move our iconic brands forward.' The agreement is the result of the previously announced sale and investment solicitation process approved by the Ontario Superior Court of Justice (Commercial List) (the ' Court '), whereby the Company sought sale proposals and investment proposals from qualified bidders in respect of the Company's property and business. Following careful evaluation of final qualified bids, the board of directors of the Company, in consultation with Reflect Advisors, LLC, in its capacity as the Company's financial advisor, certain of the Company's senior lenders and the Court-appointed monitor (the ' Monitor ') of the Company, have determined that entering into the transaction is in the best interests of the Company and its stakeholders. The agreement is subject to Court-approval and other customary terms and conditions, and is expected to close in the summer of 2025. The purchase price for the intellectual property portfolio is $30,001,670, and the sale excludes the Company's art and artifacts which will be subject to a separate Court-approved process. The sale and investment solicitation process and lease monetization process remain ongoing and updates will be provided as appropriate. 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 79 stores which are in the process of being liquidated in accordance with the CCAA proceedings. Court filings as well as other information related to Hudson's Bay Company's CCAA proceedings will be available on the Monitor's website at 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@ Hudson's Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant.
