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nightstreak said:
She's not saving The Bay, nor is anyone expecting her to. Canadian Tire owns all of HBC's brand identity. She's merely trying to lease real estate.
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I meant in a bankruptcy sense. They have $1.1 billion in debt and she has all the money to dish out for the leases which could then go to creditors, which is why they're trying to get the deal through so hard. Savior is the wrong word I guess. Still sad to see this kangaroo court stuff going down as the dust settles.
 
The soul of HBC is with Canadian Tire now. Hope they take good care of it.

The corpse of HBC is whatever numbered company they became and it doesn't matter to them who buys their remaining leases, as long as they get money back to pay their debtors. The only ones who care about the reputation or seriousness of the buyer are the malls because they don't want some clown operating on their properties.
 
matrix said:
www.theglobeandmail.com

Ontario Superior Court chief justice rebukes B.C. billionaire seeking Bay leases for ‘inappropriate’ correspondence with judge

Ruby Liu, who is vying to buy more than two dozen Hudson’s Bay leases, e-mailed the judge overseeing the retail bankruptcy to press her case
www.theglobeandmail.com www.theglobeandmail.com

This goes into more detail about Ruby's antics. In short she sent two letters to the judge trying to butter him up, accusing lawyers and landlords of being displeased no matter what, and explaining that she left China because she "attacked a reporter and got nationwide attention". CF's lawyers have also said again that it seems like in terms of business planning, she's making it up as they go along. In fact even The Bay's lawyers want Ruby's business plan edited... Why is it always the complete characters with all the money these days? Is this how The Bay wants to go out? Surely it doesn't deserve her as a savior...
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There's a reason why most corporations have in-house legal counsel to inform the actions of its executives. No lawyer would have ever allowed such a letter to proceed.
 
dailyhive.com

The complete list of 25 Hudson's Bay store locations in Ruby Liu's retail bid | Urbanized

This is the full list of 25 Hudson's Bay store locations that Ruby Liu plans to lease and convert into new department stores.
dailyhive.com dailyhive.com
Other than the three locations she owns, here is a complete breakdown of the 25 HBC store leases that Liu is seeking to acquire under the agreement:

  1. Kelowna — Orchard Park Shopping Centre
    • Store size: 127,290 sq. ft.
    • Number of floors: 1
    • Estimated cure cost: $992,613
    • Landlord/owner: Primaris REIT
  2. Richmond — CF Richmond Centre
    • Store size: 169,692 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,323,265
    • Landlord/owner: Cadillac Fairview
  3. Surrey — Guildford Town Centre
    • Store size: 174,462 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,360,462
    • Landlord/owner: Ivanhoe Cambridge
  4. Coquitlam — Coquitlam Centre
    • Store size: 120,086 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $936,436
    • Landlord/owner: Morguard Investments/Pensionfund Realty
  5. Langley — Willowbrook Shopping Centre
    • Store size: 131,146 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,022,682
    • Landlord/owner: QuadReal Property Group
  6. Calgary — CF Market Mall
    • Store size: 200,000 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,559,608
    • Landlord/owner: Cadillac Fairview
  7. Calgary — Southcentre Mall
    • Store size: 164,514 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,282,887
    • Landlord/owner: Oxford Properties
  8. Calgary — CF Chinook Centre
    • Store size: 206,514 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,610,405
    • Landlord/owner: Cadillac Fairview
  9. Edmonton — West Edmonton Mall
    • Store size: 164,250 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,280,828
    • Landlord/owner: Tripe Five Group
  10. Edmonton — Southgate Centre
    • Store size: 236,551 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,844,634
    • Landlord/owner: Ivanhoe Cambridge
  11. Toronto — CF Fairview Mall
    • Store size: 152,420 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,188,577
    • Landlord/owner: Cadillac Fairview
  12. Toronto — CF Sherway Gardens
    • Store size: 223,477 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,742,683
    • Landlord/owner: Cadillac Fairview
  13. Toronto — Centerpoint Mall
    • Store size: 122,502 sq. ft.
    • Number of floors: 1
    • Estimated cure cost: $955,276
    • Landlord/owner: Morguard Investments/Revenue Properties Company
  14. Richmond Hill — Hillcrest Mall
    • Store size: 136,915 sq. ft.
    • Number of floors: 1
    • Estimated cure cost: $1,067,669
    • Landlord/owner: Oxford Properties
  15. London — CF Masonville Place
    • Store size: 84,928 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $662,272
    • Landlord/owner: Cadillac Fairview
  16. Ottawa — Bayshore Shopping Centre
    • Store size: 180,696 sq. ft.
    • Number of floors: 3
    • Estimated cure cost: $1,409,075
    • Landlord/owner: Kingsett Capital
  17. Ottawa — St. Laurent Shopping Centre
    • Store size: 145,074 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,131,293
    • Landlord/owner: Morguard Investments
  18. Kitchener — Fairview Park Mall
    • Store size: 184,714 sq. ft.
    • Number of floors: 1
    • Estimated cure cost: $1,440,407
    • Landlord/owner: Westcliff Management
  19. Newmarket — Upper Canada Mall
    • Store size: 142,780 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,113,404
    • Landlord/owner: Oxford Properties
  20. Burlington — Mapleview Centre
    • Store size: 129,066 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,006,462
    • Landlord/owner: Ivanhoe Cambridge
  21. Oshawa — Oshawa Centre
    • Store size: 122,624 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $956,227
    • Landlord/owner: Primaris REIT
  22. Waterloo — Conestoga Mall
    • Store size: 130,580 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,018,268
    • Landlord/owner: Primaris REIT
  23. Brampton — Bramalea City Centre
    • Store size: 131,438 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,024,959
    • Landlord/owner: Morguard Investments
  24. Hamilton — Lime Ridge Mall
    • Store size: 125,307 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $977,149
    • Landlord/owner: Primaris REIT
  25. Markham — CF Markville
    • Store size: 140,094 sq. ft.
    • Number of floors: 2
    • Estimated cure cost: $1,092,459
    • Landlord/owner: Cadillac Fairview
All of these store leases are located in suburban-style malls, with none involving HBC’s massive flagship buildings with immense historic value.
Click to expand...
 
stevensontransit said:
Surprise considering STC is a very busy mall and a prime location.
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It is but they have to be careful.

Decathalon is closing and the former bay store at STC is a 3.5 floor store.

They have alot of empty and soon to be empty space. If they fill it, they probably want to ensure it stays filled.
 
officedweller said:
Toronto — CF Fairview Mall
Store size: 152,420 sq. ft.
Number of floors: 2
Estimated cure cost: $1,188,577
Landlord/owner: Cadillac Fairview
Toronto — CF Sherway Gardens
Store size: 223,477 sq. ft.
Number of floors: 2
Estimated cure cost: $1,742,683
Landlord/owner: Cadillac Fairview
Toronto — Centerpoint Mall
Store size: 122,502 sq. ft.
Number of floors: 1
Estimated cure cost: $955,276
Landlord/owner: Morguard Investments/Revenue Properties Company

dailyhive.com

The complete list of 25 Hudson's Bay store locations in Ruby Liu's retail bid | Urbanized

This is the full list of 25 Hudson's Bay store locations that Ruby Liu plans to lease and convert into new department stores.
dailyhive.com dailyhive.com
Click to expand...

I find it hard to believe that nobody bid on Queen Street and Yorkdale flagships. CF and Oxford probably insisted on buying them back. There’s no way those leases worth tens of millions are going to simply be disclaimed for $0.00 return to creditors.

One more day to find out. Tomorrow is the deadline.
 
nightstreak said:
I find it hard to believe that nobody bid on Queen Street and Yorkdale flagships. CF and Oxford probably insisted on buying them back. There’s no way those leases worth tens of millions are going to simply be disclaimed for $0.00 return to creditors.

One more day to find out. Tomorrow is the deadline.
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Eh, Queen St not getting bid on wouldn't surprise me. At least not by anyone with any credibility to occupy the space. I can't think of a single brand that would want a store that large in this current market. No one wanted the entire TEC Nordstrom store, and HBC was much bigger. Plus you have the complexity of multiple store entrances across multiple floors (including multiple PATH connections into the store). And then you have the terms of the lease to consider, a prospective tenant can't just unilaterally repurpose parts of the store to other uses if it wasn't in the lease with HBC. Reportedly this is one of the issues with the Ruby Liu bid, where landlords are pointing out she's proposing store uses that aren't compatible with the existing leases she's trying to buy.

Yorkdale would be more of a surprise but who knows. It's still a very big store. But I could see Oxford buying it back to keep other tenants happy that it won't become like, a Walmart or something.

But yeah I agree it'll be interesting tomorrow to find out if these were just bought back by CF/Oxford or if they actually just defaulted back to them.
 
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stevensontransit said:
Surprise considering STC is a very busy mall and a prime location.
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Almost nothing has been leased yet to be fair, so it's not like STC is an anomaly. We have some bids on a limited number of stores, and a few stores that have been/are being bought back by mall landlords.

There is also the outside possibility that if they do get the lease back, Oxford might just redevelop the store as part of their plans to densify the area around STC with housing. Who knows.
 
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@stevensontransit and @nightstreak

You need to recall that HBC is not the only owner of the flagship Oxford Leases..... they were packaged as a JV with Riocan.

***

@TossYourJacket is on point about Queen Street.

That's not to say there might not be a signature tenant at some point...........but Queen needs a LOT of work.....it would soak Ruby's entire Cap-X from my understanding.

No tenant is going to want to take all that on, probably even with free rent, let alone at what CF would like to get from it.

There will be plans for the space........but they will take time.
 
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