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CBC
15-07-2025
- Business
- CBC
Hudson's Bay heads back to court for fight with lender over Ruby Liu deal
Hudson's Bay is headed back to court Tuesday for a fight with one of its biggest lenders. Restore Capital LLC will ask Judge Peter Osborne to terminate a deal between the defunct retailer and B.C. billionaire Ruby Liu, who wants to buy up to 25 of its leases. The lender argues efforts to get landlords opposing the deal on board with it have so far proven costly and unsuccessful, thus minimizing how much it will be able to recover from the collapsed retailer. To aid in the Bay's wind down, Restore wants the court to appoint a "super monitor" to subject the department store chain to even more oversight. WATCH | Who is Ruby Liu?: Who is Hudson's Bay benefactor and billionaire Ruby Liu? 20 days ago If the court doesn't agree to a "super monitor" arrangement, Restore suggests appointing Richter Consulting Inc. as a receiver. The Bay said it doesn't need more oversight because it's properly governed. It maintains the Liu deal is the best shot it has at recovering more cash for creditors. In a filing made overnight, the monitor said it has written to Liu several times reminding her of her obligations and asking for information that could be used to get the court to assign her the leases even without landlord approval. The monitor said Liu has not meaningfully responded, provided landlords with more information that could get them onside or even taken the most basic and necessary steps to advance her bid. Liu has previously said she's provided landlords with information about her plans to build a department store in their properties and believes they will welcome her if a court assigns her the leases. The monitor said pursuing approvals for the deal reached in March is costing at least $4.7 million in rent, property taxes, utilities and other fees each month and eroding Restore's collateral. WATCH | Ruby Liu's Hudson's Bay vision: B.C. billionaire Ruby Liu shares her vision for former Hudson's Bay locations 8 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. While it didn't strongly advocate for more oversight, the monitor said it may be appropriate at some point during the Bay's creditor protection proceedings and it's prepared to step up, when necessary. The monitor's report also revealed the Bay has several other lease deals in the works. One has been reached with a landlord wanting to buy its own lease for less than $250,000. A second is with an unnamed third-party who wants up to eight leases in Ontario, Alberta, Saskatchewan and Manitoba. One lease was removed from the transaction but landlord approvals are still being sought.
CTV News
15-07-2025
- Business
- CTV News
Hudson's Bay heads back to court for fight with lender over Ruby Liu deal
Billionaire Ruby Liu listens during an interview at a former Hudson's Bay-owned Saks Off 5th department store after a "handover ceremony" where she received the keys to the space at Tsawwassen Mills shopping mall that she owns, in Tsawwassen, B.C., on Thursday, June 26, 2025. THE CANADIAN PRESS/Darryl Dyck TORONTO — Hudson's Bay is headed back to court today for a fight with one of its biggest lenders. Restore Capital LLC will ask Judge Peter Osborne to terminate a deal between the defunct retailer and B.C. billionaire Ruby Liu, who wants to buy up to 25 of its leases. The lender argues efforts to get landlords opposing the deal on board with it have so far proven costly and unsuccessful, thus minimizing how much it will be able to recover from the collapsed retailer. To aid in the Bay's wind down, Restore wants the court to appoint a 'super monitor' to subject the department store chain to even more oversight. If the court doesn't agree to a 'super monitor' arrangement, Restore suggests appointing Richter Consulting Inc. as a receiver. The Bay says it doesn't need more oversight because it's properly governed. It maintains the Liu deal is the best shot it has at recovering more cash for creditors. This report by The Canadian Press was first published July 15, 2025. Tara Deschamps, The Canadian Press
Yahoo
15-07-2025
- Business
- Yahoo
Hudson's Bay heads back to court for fight with lender over Ruby Liu deal
TORONTO — Hudson's Bay is headed back to court today for a fight with one of its biggest lenders. Restore Capital LLC will ask Judge Peter Osborne to terminate a deal between the defunct retailer and B.C. billionaire Ruby Liu, who wants to buy up to 25 of its leases. The lender argues efforts to get landlords opposing the deal on board with it have so far proven costly and unsuccessful, thus minimizing how much it will be able to recover from the collapsed retailer. To aid in the Bay's wind down, Restore wants the court to appoint a 'super monitor' to subject the department store chain to even more oversight. If the court doesn't agree to a "super monitor" arrangement, Restore suggests appointing Richter Consulting Inc. as a receiver. The Bay says it doesn't need more oversight because it's properly governed. It maintains the Liu deal is the best shot it has at recovering more cash for creditors. This report by The Canadian Press was first published July 15, 2025. Tara Deschamps, The Canadian Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CBC
08-07-2025
- Business
- CBC
Hudson's Bay lender fighting retailer's Ruby Liu deal seeks appointment of' super monitor'
Social Sharing One of Hudson's Bay's biggest lenders says the department store chain has handled its liquidation so badly that a court should end a buzzy but fraught lease transaction the retailer signed with a B.C. billionaire and subject the company to even more oversight as it winds down. A motion filed Tuesday by Restore Capital LLC asks a court to stop the defunct retailer from selling up to 25 of its leases to mall owner Ruby Liu and appoint a "super monitor" to more prudently liquidate the remainder of its assets. It argues both are necessary because the retailer has "frittered away" Restore's collateral "without any clear path or plan towards realizing any benefit for HBC's stakeholders." Restore, an investment manager, spent two decades lending money to the Bay. Its most recent tranche sent the 355-year-old retailer $151 million in December 2024, three months before the Bay filed for creditor protection. Canada's oldest company has since liquidated all 80 of its stores and another 16 under its sister Saks banners as sold assets, including leases and intellectual property. 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 1 day ago Duration 14:40 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. The company brokered two lease deals with Liu in May. The first — a $6-million transaction involving three leases for stores at B.C. malls she owns — was approved by a court last month. Another deal was for up to 25 more leases in Alberta, B.C. and Ontario. The Bay has yet to seek court approval for the second deal, which spans 25 more leases in Alberta, B.C. and Ontario. Landlords, including Cadillac Fairview and Oxford Properties, have overwhelmingly opposed taking on Liu as a tenant because they say she has not provided them with a practical business plan for the department stores she wants to run on their properties. Restore's motion seizes on their dissent and positions the work the Bay has been doing to try to garner their approval as costly and fruitless. "HBC has incurred exorbitant rent costs and professional fees in trying to obtain the necessary landlord consents with nothing to show for it, despite the landlords having indicated long ago that no consent will be provided," Restore's motion says. It points out that the latest financial forecasts show between June 30 and Aug. 15, the Bay will incur $7.5 million in rent costs in connection with pursuing the Liu deal and a significant portion of the $8.5 million in professional fees projected during the seven-week period are linked to it as well. Liu, who did not immediately respond to a request for comment, says if a court approves the sale, she believes she can win landlords over. If the company can't close on a deal with Liu, Restore and other lenders will see their collateral "irretrievably eroded," the lender said in its filings. Hudson's Bay spokesperson Tiffany Bourré said the retailer will respond to the motion "in due course." WATCH | Who is Ruby Liu?: Who is Hudson's Bay benefactor and billionaire Ruby Liu? 13 days ago Duration 6:16 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. In the meantime, she said it "continues to manage the monetization of its assets and the wind-up of its affairs in a responsible and diligent manner, appropriately balancing the interests of various stakeholders." Yet Restore said it's seen its chances of recovering cash stymied because it said the Bay mismanaged its liquidation by failing to disclaim leases that no one wanted to buy in a timely fashion, close stores properly and remove fixtures and equipment. These moves and a decision to "unnecessarily" pay for the removal of exterior signage have led to an additional $18 million in expenditures that would otherwise form the basis of its recovery, Restore said. It argues these expenses and the Bay's overall actions have made it so lenders are "perversely being compelled to fund increases in their own projected shortfall." Restore fears the only other chance at recovering money it is owed will be turning to the company's pension plan, which has a surplus but might take years to draw any money from because of potential conflicting views on entitlements. As a result, Restore wants the court to expand the powers of Alvarez and Marsal, a monitor previously appointed to guide the Bay through the creditor protection process, so the company can be wound down.
CTV News
08-07-2025
- Business
- CTV News
Hudson's Bay lender fighting retailer's Ruby Liu deal, seeking ‘super monitor': docs
Hudson's Bay signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. THE CANADIAN PRESS/Andrew Lahodynskyj TORONTO — One of Hudson's Bay's biggest lenders is asking a court to stop the defunct retailer from selling up to 25 of its leases to a B.C. billionaire and appoint a 'super monitor' to more speedily liquidate the remainder of its assets. A new court motion filed by investment manager Restore Capital LLC says the deal the Bay reached with Ruby Liu should be terminated because trying to get landlord approvals to transfer the leases has been costly and fruitless. Liu signed two deals with the Bay in May. The court last month approved the $6 million sale of three leases for stores at B.C. malls she owned. The second deal was for up to 25 more leases in Alberta, B.C. and Ontario. Landlords at the properties have overwhelmingly opposed taking on Liu as a tenant because they say she has not provided them with a practical business plan. Restore's motion says the Bay has 'frittered away' its collateral because the retailer has incurred exorbitant rent costs and professional fees in its efforts to get landlords on board but has yet to secure support or seek court approval. Restore wants the court to expand the powers of a monitor appointed to guide the Bay through CCAA, so the company can be wound down. If the court doesn't agree to a 'super monitor' arrangement, it suggests appointing Richter Consulting Inc. as a receiver. This report by The Canadian Press was first published July 9, 2025 Tara Deschamps, The Canadian Press
