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Hamilton Spectator
28-06-2025
- Business
- Hamilton Spectator
Hudson's Bay landlords don't want Liu to move in, but retailer still has a shot
TORONTO - A group of Hudson's Bay's landlords don't want to transfer more than two dozen leases to British Columbia billionaire Ruby Liu, but the department store still has a chance to get its way. The Bay, which filed for creditor protection in March, ran a process over the last several months to find buyers for leases belonging to it and Saks Canada. It agreed to sell up to 28 spaces to Liu. Three leases were transferred to her without any hiccups because they're in B.C. malls she owns, but another 25 are at properties held by a who's who of Canadian commercial real estate firms. Landlords for 23 of those sites oppose the transfer. Several have said in court they've been 'very troubled' with their interactions with Liu and have had 'no productive discussions, no meaningful disclosure.' Liu insists if the court hands her the leases, landlords will warm to her and her plan to open a new department store in their properties. While the disagreement could serve as a roadblock to the Bay closing on its agreement with Liu, lawyers not involved in the case say the retailer has another route it can take to get a deal done. That route lies in changes to the Companies' Creditors Arrangement Act — Canada's main insolvency law — made in 2009, said Jeff Lee, a Saskatoon-based partner at MLT Aikins LLP. The changes laid out three criteria courts must consider when asked to assign leases to a new tenant. The first is whether or not the sale has the support of the monitor, a court-appointed, independent third party which helps guide businesses through creditor protection. In the Bay's case, the monitor is Alvarez & Marsal. It has yet to reveal whether it supports the Liu deal and did not respond to requests for comment. 'Before any court application is brought forward, typically the company will test that out with them,' Lee said. 'They're not going to just sort of fly in blind and hope for the best.' The second aspect for the court to mull is whether the proposed new tenant is suitable. Lee said that's determined by looking at whether they can perform the duties of the tenant and pay rent. Liu, who made her money in Chinese real estate, appears to have deep pockets but her experience comes from being a landlord rather than a tenant. The final aspect the court will consider is whether a transfer of a lease to Liu is 'appropriate.' Lee said people should think of it as asking this question: 'Is what's proposed for this post-assignment lease relationship what people signed up for, or are they seeking to rewrite the lease or change the playing field so radically that it's not appropriate?' That's where much of the tension could lie in the Bay case. 'You can't go into CCAA as a tenant and then force your landlords to renegotiate their leases as a result,' said Peter Tolensky, a Vancouver-based partner at Lawson Lundell LLP. The Canadian Press obtained a document last week that Liu's lawyer sent landlords outlining her plans. It says she will take on the leases on an 'as is, where is' basis but doesn't mention the dining, entertainment, children's and fitness experiences she's told media she'd like to include in her department stores. It's unclear whether the leases allow for uses other than a Bay-like department store. A court faced with a request to reassign leases will weigh this context and think about whether 'the landlord's world is being turned upside down by having this new tenant,' said Geoffrey Dabbs, a B.C.-based founding partner at Gehlen Dabbs Cash. 'The more it's a minor inconvenience for the landlord, the more likely the judge will order it,' he said. While the Bay hasn't said whether it will seek an assignment, it's likely because any company in creditor protection has a duty to show the court it's doing its best to pay back companies and people it owes money to, Dabbs said. The Bay has a 26-page list of creditors, with some lenders owed more than $100 million each. Liquidation sales and a deal to sell the Bay trademarks to Canadian Tire for $30 million have put a dent in what's owed but selling leases to Liu would also help. Anyone who made an offer for leases had to make a deposit of 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million, in addition to $6 million for the three approved leases, which would equate to a purchase price of $100 million for 28 leases. When a deal like this is reached, Dabbs said a company typically seeks landlord consent because commercial leases tend to have provisions stopping anyone from transferring a lease without a property owner agreeing. It's not uncommon for landlords to object because any leases that can't be sold and aren't assigned get turned back over to property owners who can choose how to fill them and under what terms. 'Remember, these are anchor leases, so they're probably very favourable to the Bay or to the tenant in a lot of respects,' said Tolensky, alluding to the fact that anchor tenants are often given attractive rents or terms. Thus, it's more advantageous for landlords to get their properties back, said Monica Beffa, founder of an Oakville, Ont., law firm. If they do, they can then charge higher rents, develop them for entirely new uses such as residential units or break them up into smaller parcels that can be rented by a wide array of tenants. If they don't and a court assigns the leases to Liu, landlords will likely be watching her closely to ensure she doesn't violate any terms of the agreement. 'The landlord may be cranky, if the tenant breaches, but put it this way, they don't want to rely on that,' Dabbs said. 'If they don't want this lease being assigned, they will fight it right up front.' This report by The Canadian Press was first published June 28, 2025.
Global News
28-06-2025
- Business
- Global News
B.C. billionaire's plan to take over Bay leases facing legal battle
A group of Hudson's Bay's landlords don't want to transfer more than two dozen leases to British Columbia billionaire Ruby Liu, but the department store still has a chance to get its way. The Bay, which filed for creditor protection in March, ran a process over the last several months to find buyers for leases belonging to it and Saks Canada. It agreed to sell up to 28 spaces to Liu. Three leases were transferred to her without any hiccups because they're in B.C. malls she owns, but another 25 are at properties held by a who's who of Canadian commercial real estate firms. 2:00 What will Montreal do with the vacant Hudson's Bay building? Landlords for 23 of those sites oppose the transfer. Several have said in court they've been 'very troubled' with their interactions with Liu and have had 'no productive discussions, no meaningful disclosure.' Liu insists if the court hands her the leases, landlords will warm to her and her plan to open a new department store in their properties. Story continues below advertisement While the disagreement could serve as a roadblock to the Bay closing on its agreement with Liu, lawyers not involved in the case say the retailer has another route it can take to get a deal done. That route lies in changes to the Companies' Creditors Arrangement Act — Canada's main insolvency law — made in 2009, said Jeff Lee, a Saskatoon-based partner at MLT Aikins LLP. The changes laid out three criteria courts must consider when asked to assign leases to a new tenant. The first is whether or not the sale has the support of the monitor, a court-appointed, independent third party which helps guide businesses through creditor protection. In the Bay's case, the monitor is Alvarez & Marsal. It has yet to reveal whether it supports the Liu deal and did not respond to requests for comment. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'Before any court application is brought forward, typically the company will test that out with them,' Lee said. 'They're not going to just sort of fly in blind and hope for the best.' The second aspect for the court to mull is whether the proposed new tenant is suitable. Lee said that's determined by looking at whether they can perform the duties of the tenant and pay rent. Liu, who made her money in Chinese real estate, appears to have deep pockets, but her experience comes from being a landlord rather than a tenant. Story continues below advertisement 1:47 Nostalgic Vancouver shoppers flock to 'The Bay' on its final day The final aspect the court will consider is whether a transfer of a lease to Liu is 'appropriate.' Lee said people should think of it as asking this question: 'Is what's proposed for this post-assignment lease relationship what people signed up for, or are they seeking to rewrite the lease or change the playing field so radically that it's not appropriate?' That's where much of the tension could lie in the Bay case. 'You can't go into CCAA as a tenant and then force your landlords to renegotiate their leases as a result,' said Peter Tolensky, a Vancouver-based partner at Lawson Lundell LLP. The Canadian Press obtained a document last week that Liu's lawyer sent landlords outlining her plans. It says she will take on the leases on an 'as is, where is' basis but doesn't mention the dining, entertainment, children's and fitness experiences she's told media she'd like to include in her department stores. Story continues below advertisement It's unclear whether the leases allow for uses other than a Bay-like department store. A court faced with a request to reassign leases will weigh this context and think about whether 'the landlord's world is being turned upside down by having this new tenant,' said Geoffrey Dabbs, a B.C.-based founding partner at Gehlen Dabbs Cash. 'The more it's a minor inconvenience for the landlord, the more likely the judge will order it,' he said. While the Bay hasn't said whether it will seek an assignment, it's likely because any company in creditor protection has a duty to show the court it's doing its best to pay back companies and people it owes money to, Dabbs said. The Bay has a 26-page list of creditors, with some lenders owed more than $100 million each. 2:08 Hudson's Bay last day Liquidation sales and a deal to sell the Bay trademarks to Canadian Tire for $30 million have put a dent in what's owed but selling leases to Liu would also help. Story continues below advertisement Anyone who made an offer for leases had to make a deposit of 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million, in addition to $6 million for the three approved leases, which would equate to a purchase price of $100 million for 28 leases. When a deal like this is reached, Dabbs said a company typically seeks landlord consent because commercial leases tend to have provisions stopping anyone from transferring a lease without a property owner agreeing. It's not uncommon for landlords to object because any leases that can't be sold and aren't assigned get turned back over to property owners who can choose how to fill them and under what terms. 'Remember, these are anchor leases, so they're probably very favourable to the Bay or to the tenant in a lot of respects,' said Tolensky, alluding to the fact that anchor tenants are often given attractive rents or terms. Thus, it's more advantageous for landlords to get their properties back, said Monica Beffa, founder of an Oakville, Ont., law firm. If they do, they can then charge higher rents, develop them for entirely new uses such as residential units or break them up into smaller parcels that can be rented by a wide array of tenants. If they don't and a court assigns the leases to Liu, landlords will likely be watching her closely to ensure she doesn't violate any terms of the agreement. Story continues below advertisement 'The landlord may be cranky, if the tenant breaches, but put it this way, they don't want to rely on that,' Dabbs said. 'If they don't want this lease being assigned, they will fight it right up front.'
Winnipeg Free Press
28-06-2025
- Business
- Winnipeg Free Press
Hudson's Bay landlords don't want Liu to move in, but retailer still has a shot
TORONTO – A group of Hudson's Bay's landlords don't want to transfer more than two dozen leases to British Columbia billionaire Ruby Liu, but the department store still has a chance to get its way. The Bay, which filed for creditor protection in March, ran a process over the last several months to find buyers for leases belonging to it and Saks Canada. It agreed to sell up to 28 spaces to Liu. Three leases were transferred to her without any hiccups because they're in B.C. malls she owns, but another 25 are at properties held by a who's who of Canadian commercial real estate firms. Landlords for 23 of those sites oppose the transfer. Several have said in court they've been 'very troubled' with their interactions with Liu and have had 'no productive discussions, no meaningful disclosure.' Liu insists if the court hands her the leases, landlords will warm to her and her plan to open a new department store in their properties. While the disagreement could serve as a roadblock to the Bay closing on its agreement with Liu, lawyers not involved in the case say the retailer has another route it can take to get a deal done. That route lies in changes to the Companies' Creditors Arrangement Act — Canada's main insolvency law — made in 2009, said Jeff Lee, a Saskatoon-based partner at MLT Aikins LLP. The changes laid out three criteria courts must consider when asked to assign leases to a new tenant. The first is whether or not the sale has the support of the monitor, a court-appointed, independent third party which helps guide businesses through creditor protection. In the Bay's case, the monitor is Alvarez & Marsal. It has yet to reveal whether it supports the Liu deal and did not respond to requests for comment. 'Before any court application is brought forward, typically the company will test that out with them,' Lee said. 'They're not going to just sort of fly in blind and hope for the best.' The second aspect for the court to mull is whether the proposed new tenant is suitable. Lee said that's determined by looking at whether they can perform the duties of the tenant and pay rent. Liu, who made her money in Chinese real estate, appears to have deep pockets but her experience comes from being a landlord rather than a tenant. The final aspect the court will consider is whether a transfer of a lease to Liu is 'appropriate.' Lee said people should think of it as asking this question: 'Is what's proposed for this post-assignment lease relationship what people signed up for, or are they seeking to rewrite the lease or change the playing field so radically that it's not appropriate?' That's where much of the tension could lie in the Bay case. 'You can't go into CCAA as a tenant and then force your landlords to renegotiate their leases as a result,' said Peter Tolensky, a Vancouver-based partner at Lawson Lundell LLP. The Canadian Press obtained a document last week that Liu's lawyer sent landlords outlining her plans. It says she will take on the leases on an 'as is, where is' basis but doesn't mention the dining, entertainment, children's and fitness experiences she's told media she'd like to include in her department stores. It's unclear whether the leases allow for uses other than a Bay-like department store. A court faced with a request to reassign leases will weigh this context and think about whether 'the landlord's world is being turned upside down by having this new tenant,' said Geoffrey Dabbs, a B.C.-based founding partner at Gehlen Dabbs Cash. 'The more it's a minor inconvenience for the landlord, the more likely the judge will order it,' he said. While the Bay hasn't said whether it will seek an assignment, it's likely because any company in creditor protection has a duty to show the court it's doing its best to pay back companies and people it owes money to, Dabbs said. The Bay has a 26-page list of creditors, with some lenders owed more than $100 million each. Liquidation sales and a deal to sell the Bay trademarks to Canadian Tire for $30 million have put a dent in what's owed but selling leases to Liu would also help. Anyone who made an offer for leases had to make a deposit of 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million, in addition to $6 million for the three approved leases, which would equate to a purchase price of $100 million for 28 leases. When a deal like this is reached, Dabbs said a company typically seeks landlord consent because commercial leases tend to have provisions stopping anyone from transferring a lease without a property owner agreeing. It's not uncommon for landlords to object because any leases that can't be sold and aren't assigned get turned back over to property owners who can choose how to fill them and under what terms. 'Remember, these are anchor leases, so they're probably very favourable to the Bay or to the tenant in a lot of respects,' said Tolensky, alluding to the fact that anchor tenants are often given attractive rents or terms. Monday Mornings The latest local business news and a lookahead to the coming week. Thus, it's more advantageous for landlords to get their properties back, said Monica Beffa, founder of an Oakville, Ont., law firm. If they do, they can then charge higher rents, develop them for entirely new uses such as residential units or break them up into smaller parcels that can be rented by a wide array of tenants. If they don't and a court assigns the leases to Liu, landlords will likely be watching her closely to ensure she doesn't violate any terms of the agreement. 'The landlord may be cranky, if the tenant breaches, but put it this way, they don't want to rely on that,' Dabbs said. 'If they don't want this lease being assigned, they will fight it right up front.' This report by The Canadian Press was first published June 28, 2025.
Global News
24-06-2025
- Sport
- Global News
Saskatchewan duo to represent Canada at 2025 U15 Softball World Cup in Italy
One of Saskatchewan's rising stars when it comes to softball, Alanya Dimen has been turning a lot of heads this year playing with the Saskatoon U15 Phantoms organization. That's included Softball Canada as well, as the Saskatoon-based catcher is preparing for the biggest tournament of her life this week. 'They emailed my mom and she called me crying and was like, 'You made the team,'' said Dimen. For the first time in her young career, Dimen will wear the red and white of the Canadian national softball team as she will represent her province and country at the 2025 U15 Women's Softball World Cup in Italy. It's a tournament she's spent the last several weeks preparing for, with just a few days left until making her debut with the Canadian U15 roster. Story continues below advertisement 'I couldn't tell anyone,' said Dimen. 'It was a week of not being able to tell anyone. It was so hard, but I was just excited all week and I couldn't focus.' Garnering attention from Softball Canada through some national identification camps held in Saskatoon over the past year, Dimen is expected to bring a combination of power and skill to Team Canada according to Phantoms head coach Danny Mantyka. 'I've had the privilege of coaching Alayna for a couple of years,' said Mantyka. 'Got to see her early on in her younger years, we could tell that she had above average skills. Especially her arm strength, her game-calling as a coacher.' 'We are beyond excited.' Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Joining Dimen on Team Canada in Italy will be Regina U15 Fighting Saints pitcher Kenzie Newman, who will be making her second appearance this year for the Canadian roster. Newman was a part of the Canadian contingent which competed at the 2025 U15 Pan-American Championships in Acapulco, Mexico, in March, helping secure a fourth-place finish at the tournament. 2:06 Saskatoon Berries rocket to top of WCBL standings with undefeated home record She said it's humbling to be selected to Team Canada for a second time, given the effort it's taken to get to this point. Story continues below advertisement 'It's countless hours that I've put in on and off the field, it's just amazing,' said Newman. 'I'm in the weight room, I'm on the diamonds all the time. It's just amazing.' While they usually play in separate cities, Dimen and Newman have a history of playing with each other as part of the 222's fastpitch travel team and various camps over the years. Dimen said the pair have developed some chemistry from on the mound and behind home plate which she hopes will be noticeable early in Italy. 'We have always been a really strong duo and connected really well with pitching and catching,' said Dimen. 'I think it will be really good, she's a very good teammate.' According to Mantyka, elite talent like the pair of Team Canada members is helping to put Saskatchewan on the map when it comes to youth softball and continue their journey of promoting girls to higher levels of the sport. 'These girls have aspirations of playing U17, U19 and beyond,' said Mantyka. 'There's lots of role models out there that have gone to the college level. When they get to this age, and with the help of the Tommy Douglas Softball Academy as well, many girls are realizing their dreams and beyond.' That's the case for Newman, who is aiming to gain the attention of NCAA Division I programs and earn a full-ride scholarship once she has completed her high school stint. Story continues below advertisement Even more than the personal accolades and attention, she said it's important for the group to try and bring some hardware back to the communities that have supported them. 'There's so many different ways that we represent Saskatchewan in our country,' said Newman. 'I just think that it's really an amazing opportunity that I get to be a part of the Softball Canada community and I get to join all the legacies.' Team Canada will open the tournament on Friday versus Czechia, a game which Dimen expects to bring plenty of emotions out — finally getting the opportunity to stand behind home plate wearing the maple leaf on her jersey. 'I think I'll cry,' said Dimen. 'It will be insane, it's going to be such an amazing opportunity and I cannot wait.' Canada's opening game of the tournament will be played at 2 a.m. Saskatchewan time on Friday against Czechia, with round-robin games also set against Singapore, the United States, Chinese Taipei and Australia.
Toronto Sun
23-05-2025
- Entertainment
- Toronto Sun
Curate your home ... Canadian style
'What makes Canadian design unique is its inclusivity,' says Curtis Elmy, who owns and operates Saskatoon-based Atmosphere Interior Design with his life and work partner Trevor Ciona. SUPPLIED Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Designers weigh in on what makes a design distinctly Canadian This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account With all of the recent talk about sovereignty, buying Canadian and getting elbows up, national pride is at a high across Canada. From celebrating the things we're known for, to embracing values of equality, respect and peace, to uniting against U.S. tariffs, we're standing up for our distinct culture like never before. Yet, it's just not in us to be too showy. We prefer to exude a more thoughtful, quiet confidence, a trait that also characterizes Canadian style at home, says designer Curtis Elmy, 'What makes Canadian design unique is its inclusivity,' said Elmy, who owns and operates Saskatoon-based Atmosphere Interior Design with his life and work partner Trevor Ciona. 'We're a mosaic. All of our designs reflect that there are layers of global influence interpreted through a distinctly Canadian lens.' added Elmy, who believes Canadian design holds a deep connection to nature, diversity and authenticity. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Though there are subtle differences between provinces, for the most part Canadians favour an earthy, neutral palette for their home interiors, incorporating greens, browns and blues that reflect the natural landscape. We gravitate towards warm wood finishes, investing in quality pieces that stand the test of time and more often than not, tell a story. Since launching their company, Elmy and Ciona have worked closely with Canadian businesses like Rusholme House, Silva Custom Furniture, Marcantonio Designs and Kirk Woodworking to craft creative furnishings for clients. As much as people seek durable, practical pieces, they also demonstrate a rich appreciation and respect for things handmade, said Elmy. This advertisement has not loaded yet, but your article continues below. 'I think it's about creating spaces that feel grounded and honest,' said Elmy. 'It's about craftsmanship, and quality over quantity … Canadians want their homes to be like sanctuaries, to be surrounded by things they have a connection to versus being mass produced and shipped on a big sea can.' Designers Natalie Owens and Victoria Armour, co-owners of Stil James design studio in Halifax, see a similar love for handcrafted materials in Atlantic Canada, with about one in every two clients now expressing a desire to buy Canadian. Armour estimates nearly 90% of the tables sourced by the Stil James team are crafted by RedBeard Rustics Woodcraft, and they often scour the Conifer Shop in Lunenburg for one-of-a-kind vintage pieces as well. This advertisement has not loaded yet, but your article continues below. 'Designers regionally are layering it in different ways, but the base of that warm, homey feel that natural wood gives within a home is universal for Canada,' said Armour. Whereas homeowners on the west coast generally gravitate towards a more rustic aesthetic, highlighted by a spicier earthy palette that may include red, interiors on the east coast are all about recreating a coastal vibe that puts the emphasis on lighter greens and blues. 'It's not uncommon for us to walk into a space, and people will have collected sea glass or driftwood from the beach, and we're running with that as a palette,' said Owens. One characteristic that stands out as positively Canadian, according to Armour and Owens, is the need to design for four seasons. This advertisement has not loaded yet, but your article continues below. Families are looking for homes that are built to perform, meaning they need to stand up to messy snow gear in winter, mud in spring, wet towels and bathing suits in summer and dried leaves and yard debris during fall. Canadians tend to prioritize durability and adaptability, choosing fabrics and finishes that can take a beating. They also steer away from darker, moodier spaces, keeping décor light and bright. 'We run into that a lot when we're designing,' said Owens. 'How can we create these calm, bright spaces for people to get us through our long, harsh winters?' It's no coincidence that a country known for its casual Canadian tuxedo – the legendary denim on denim combination that has stuck around since the 1950s — also turns to casualness in home fashion. Our interiors are 'unfussy and functional,' said Amour, and even high-end spaces focus on creating a 'relaxed and lived in feel.' This advertisement has not loaded yet, but your article continues below. When we do embrace colour, we do it with purpose, translating it into art, accessories or accent pieces. Elmy has worked with clients who felt compelled to choose bolder room colours to stay in step with global design trends, only to admit later on that they didn't really know what they like. His advice? Take a look through your closet. If your wardrobe is primarily black, grey brown and white, colour is going to be a hard transition. 'We are surrounded by beautiful lakes, forests and mountains so maybe that's what comes naturally to us,' said Elmy. 'Whereas other areas are more open to colour, I think that's essentially who we are, we're neutral. Toronto Maple Leafs Sunshine Girls Toronto & GTA Sunshine Girls Celebrity
