Latest news with #RubyLiu
CBC
5 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.
Calgary Herald
5 days ago
- Business
- Calgary Herald
‘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. Article content 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. Article content Article content 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. Article content '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.' Article content 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. Article content Article content Each of those steps, including Liu's deal, needs to be approved by an Ontario court. Article content Article content 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. Article content Liu said that her previous legal counsel had quit on Sunday afternoon, ahead of the hearing, which took place on Tuesday. Article content '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.' Article content Article content 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.' Article content 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.
CBC
5 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
5 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
Yahoo
15-07-2025
- Business
- Yahoo
Court decision on sale of 25 Hudson's Bay leases delayed as buyer appears without a lawyer
Ruby Liu, the British Columbia-based billionaire who wants to buy 25 leases from Hudson's Bay Co., was in court Tuesday to face concerns that her plans for the properties are not sustainable, but the hearing was adjourned because she showed up without a lawyer to make her case. Judge Peter Osborne said he is concerned about the additional costs — $4.7 million per month — that HBC and its lenders will have to incur as a result of the delay in completing the sale, but the significance of the decision requires that she elaborate on her plans so that all parties are aware of them. 'I not only urge you, but recommend in the strongest possible terms that these parties retain counsel immediately and they be made aware of the urgency of this situation,' he said. A lawyer representing Restore Capital LLC, the HBC lender that brought forth the motion to terminate the deal between the defunct retailer and Liu, said the delay was not good. 'The purchaser is a sophisticated party … and I wouldn't think it would be possible to simply delay and increase costs by terminating a law firm,' Linc Rogers said. 'That would be a wrong incentive to provide for participants in this proceeding.' Liu said she is ready to 'hire people, create jobs' and 'open stores,' and that she would hire legal counsel as soon as possible. 'We will work closely with HBC, and we have already hired experts,' she said. 'We submitted business plans on May 1, and then continually updated the business plans. We have done tremendous work.' Ashley Taylor, a lawyer representing HBC, said there has been ongoing dialogue and work with Liu to try to answer some of the landlords' questions and inquiries. But lawyers representing the landlords didn't share Taylor's optimism. One of them said that there has been 'zero discussion' with the landlord he represents, though Liu may have had internal discussions with HBC and other lenders. Alex Hennick, who heads A.D. Hennick & Associates Inc., a law firm that provides liquidation solutions and is not part of the HBC hearing, said it was evident that the landlords don't want to lease to someone they don't have the confidence is going to be there long term. 'They don't believe that the model is going to work in the existing locations because it didn't exist for a historic retailer who was there for so many years,' he said. 'It's a very unique situation. It's not common. The reason it is being blocked is because no one really believes it could be a successful venture.' Canada's oldest department store filed for bankruptcy protection under the Companies' Creditors Arrangement Act on March 7. It has been selling its leases, intellectual property rights and artifacts since then and cut its workforce to pay back its creditors ever since. Hudson's Bay fights back against lender that wants to terminate lease sales to Ruby Liu Why the demise of Canadian retail's 'middle class' won't end with Hudson's Bay The retailer inked an agreement to sell up to 28 leases in Ontario, Alberta and British Columbia to Liu's Tsawwassen, B.C.-based company, Central Walk, on May 23. An Ontario court approved the sale of three of those leases, but the remaining 25 have yet to be approved. • Email: nkarim@
