Latest news with #HudsonsBay
CBC
2 days ago
- Business
- CBC
Billionaire Ruby Liu holds job fair for future stores
Ruby Liu — the B.C.-based billionaire trying to take over former Hudson's Bay locations to create her own department store — held a job fair in Toronto over the weekend, even though she doesn't currently have access to any stores in Ontario.
CBC
2 days ago
- Business
- CBC
B.C. billionaire hosts job fair in Toronto amid bid for Hudson's Bay leases
Social Sharing A British Columbia billionaire seeking to acquire dozens of former Hudson's Bay leases held a job fair in Toronto this weekend to attract people to work at the properties— despite not yet leasing the retail spaces in the city. Ruby Liu signed deals with Hudson's Bay in May to buy up to 28 leases across Canada belonging to the defunct retailer and its sister banner Saks. So far, only three leases have been transferred. Liu hosted the job fair at the Intercontinental Hotel on Saturday, drawing workers, vendors and former Hudson's Bay employees, who were hopeful and uncertain about the future of the store. "If she pulls this off, she will be a Canadian hero," said Sandi Kveton, who worked at Hudson's Bay for 27 years. "We're hopeful that she can get the leases. She's still fighting in court, so we really don't know if we have jobs or not." The three spaces in B.C. were transferred to Liu last month after receiving court approval. The Bay has yet to seek that assent for up to 25 more in properties held by other landlords, who are overwhelmingly opposed to Liu moving in because they say she's yet to provide detailed business plans. An Ontario judge adjourned a court hearing last Tuesday initiated by a creditor of Hudson's Bay seeking to terminate Liu's purchase agreement. The judge urged Liu, who is now parting ways with two law firms, to hire a lawyer to represent her and her plans to buy the leases. WATCH | Who is Ruby Liu?: Who is Hudson's Bay benefactor and billionaire Ruby Liu? 25 days ago Ruby Liu, a billionaire with a big vision, now has legal permission to take over the leases of three former Hudson's Bay department stores located at three malls already under her ownership. For more on the new Bay benefactor, we're joined by retail analyst Carl Boutet. Speaking through her CEO and translator, Linda Qin, Liu expressed optimism about the outcome of the hearing. "She's very confident that we are going to get the stores," said Qin on Saturday. "We want to prepare for the store openings." "It's very obvious that Ruby Liu is a qualified bidder." Plan faces pushback A Toronto lawyer said the different Bay creditors are still unsure if this is in the best interest of their financial situation. "It's a disagreement about whether or not the information that's been provided so far offers enough comfort as it relates to whether or not this is in the best interest of the different creditor groups," said Sherena Hussain, lawyer and founder of Academic Collaboration Consulting. "In many cases, they're looking to recover cents on the dollar." Liu has budgeted $84 million to transform former Bay spaces into Asian-style department stores offering shopping, dining, and entertainment. She plans to use the properties to open a department store named after herself. WATCH | B.C. billionaire Ruby Liu shares her vision for former Hudson's Bay locations: B.C. billionaire Ruby Liu shares her vision for former Hudson's Bay locations 13 days ago B.C. billionaire Ruby Liu is hoping to expand her mall empire by taking over 28 former Hudson's Bay retail space leases. She joined CBC's Gloria Macarenko with a translator to share her vision for the department stores, in her first interview with English-language media in Canada. A vendor attending Liu's fair on Saturday said he believes in her vision and that this is the change Canada needs. "She actually came here to invest her own money and revitalize the retail businesses, which is a positive thing for Canadian industry," said Jay Lim, the CEO of K-Beauty Canada. But retail expert Jim Danahy said this could be a challenge for Liu. "These are big square boxes without windows and not easily redeveloped," said Danahy, who's the CEO of CustomerLab. "She's got some experience renting retail space, not operating retail space." Many landlords also said in court that they think Liu doesn't have the suppliers, financing, or retail management experience to run a department store.
Yahoo
2 days ago
- Business
- Yahoo
‘I can feel their enthusiasm': Billionaire Ruby Liu holds job fair to bolster bid to take over HBC leases
Vancouver-based billionaire Ruby Liu was welcomed by dozens of former Hudson's Bay employees at a job fair in Toronto on Saturday, as her organization staged a recruitment event for new stores she plans to open up after taking over the Bay's leases. Liu has not received court approval to take over 25 of the Bay's leases as per a deal inked in May, and has yet to satisfy the demands of some of the landlords who have raised concerns about her takeover and want her to submit a proper business plan. One of Hudson's Bay senior lenders filed a motion this month to terminate the deal with Liu, arguing that the delay is costing the company money. But none of these factors seemed to discourage Liu on Saturday, who danced with applicants, walked around with a selfie stick to take photos and promote the event on social media and even briefly paused her recruiting to sing the national anthem. 'I am confident that we are going to get the stores, so we are preparing for that,' Liu, whose statement was translated, told reporters at the event. 'We have received almost a thousand resumés online. I wanted to meet these candidates in person. I can feel their enthusiasm.' Liu agreed to take over the leases for 28 of 96 Hudson's Bay stores, all of which were shut down last month as Canada's oldest retailer, which filed for bankruptcy protection under the Companies' Creditors Arrangement Act in March, looks to pay back millions of dollars to its creditors. Aside from monetizing its leases, the Bay also fired all its employees, sold intellectual property rights to Canadian Tire and is looking to auction its valuable artifacts. Each of those steps, including Liu's deal, needs to be approved by an Ontario court. Last week, an Ontario court was supposed to make a decision on whether or not HBC should cancel Liu's agreement, but that hearing had to be postponed, mostly because Liu arrived at court without a lawyer. Liu said that her previous legal counsel had quit on Sunday afternoon, ahead of the hearing, which took place on Tuesday. 'Our previous legal counsel didn't help us submit the business plan to the landlords and some materials we hoped to submit,' she said. 'We are very disappointed.' But things have changed since then, said Liu, who hired a new lawyer and hopes to go to court in mid-August. 'We want to meet with the landlords more and more,' she said. 'It was not arranged in the past as we wished and we hope that will be happening.' Liu said that she is willing to 'share the profits' with landlords from her flagship stores, which are going to be 'fun and exciting,' she said during a speech at the event. The stores will dedicate about 30,000 square feet for a kids' play area, Liu said, and 'flagship' stores are also likely to have Asian supermarkets and an Asian fusion dining area. She also plans to have seven to eight 'platinum stores' that will focus on an 'immersive shopping experience' to attract younger shoppers. Liu said that she took out '$300 million from her own pocket' to build the stores and aims to spend $10 million in marketing every year. Liu attributed the Bay's demise at least in part to a lack of marketing and an inability to attract younger customers. 'In two or three years, you will see new Ruby Liu stores in Canada,' she said. 'If we are successful, in five years we are going to go to other countries in North America and the rest of the world. We are planning to build 30 stores worldwide if we are successful.' About 200 people attended Saturday's event and Liu said she planned to submit documents collected from potential vendors and applicants when she returns to court in August, as evidence of the viability of her plans. While the event was open to the public, the majority of the applicants were former HBC employees. Liu said she would give preference to them. Hudson's Bay fights back against lender that wants to terminate lease sales to Ruby Liu Court decision on sale of 25 Hudson's Bay leases delayed as buyer appears without a lawyer
CTV News
6 days ago
- Business
- CTV News
Hudson's Bay space at White Oaks Mall finds new life with pop-up events
Interior of an empty Hudson's Bay department store at White Oaks Mall in London, Ont. on July 16, 2025. (Reta Ismail/CTV News London) The sign for the iconic Hudson's Bay store came down inside White Oaks Mall Wednesday, and the space is now available for lease. 'We're thrilled to be able to find new uses for this incredible space that we have at the mall. It's been a staple, original part of the mall,' said Sarah Imrie, marketing manager at White Oaks Mall. Westdell Development Corporation, which owns and operates the mall, has begun actively leasing the 165,000-square-foot space. Spirit Halloween is moving in this week, followed by The Modern Market Series (TMMS), formerly known as The Modern Mom Show. 'We were actually approached by White Oaks Mall at our last event. They came to us offering this incredible empty department store for us to use,' said Sabrina Maulucci, founder of TMMS. EMPTY HUDSONS BAY Founder of The Modern Market Series (TMMS) Sabrina Maulucci, along with her husband Michael Macaluso Maulucci on July 16, 2025. (Reta Ismail/CTV News London) 'We have high requirements for our vendors to create a beautiful, boutique-like setting. When our guests come in, they can really feel welcomed and understand what all those businesses are about, versus just a tabletop setup. Our brands bring in big displays, and having ground-level access is amazing,' she said. The two Hudson's Bay locations in London officially closed on June 1. Now, the White Oaks location sits empty and ready for a new purpose. 'The reality is department stores are not as attractive in all markets as they used to be. So, we're taking over the space and really repurposing it to support the city, support the community, and support the mall in the best way possible,' said Imrie. One of those new uses will be the Modern Market Series, taking place Nov. 2 and 3, with thousands of visitors expected. Vendor applications open this Friday, July 18.
CBC
15-07-2025
- Business
- CBC
Hudson's Bay in court fighting lender over Ruby Liu deal
Hudson's Bay headed back to court Tuesday for a fight with one of its biggest lenders due to a deal between the retailer and B.C. billionaire Ruby Liu, who wants to buy up to 25 of its leases.
