The battered Canadian department store chain Hudson’s Bay apparently plans to sell up to 28 of her branch rental contracts to a Chinese investor. The aim is to establish a “new, modern department store”, as can be seen from a press release, which has several media, including CBC.
Accordingly, Hudson’s Bay will apply for approval for the sale of a real estate package to Ruby Liu at the responsible court. The objects concerned include branches under the Hudson’s Bay Banner and some locations of the SAKS business.
So far, the company has not provided information on the purchase price or the exact location of the properties concerned. In total, Hudson’s Bay currently has 96 rental contracts in Canada. According to court documents, 39 of them have been offered for sale by twelve different parties.
In a separate message, Ruby Liu, investor and owner of three shopping centers in British Columbia, emphasized that she wanted to create an “Immersive shopping experience” with her project. The aim is to address cross -generational customers and to create a trade environment “in which all age groups are successful together”.
Liu had previously commented on the Chinese social media platform Rednote about her plans to “attribute the Bay back to his old shine”. On May 23rd you showed videos published when signing an agreement on the rental contracts in a meeting room.
Hudson’s Bay is currently in a comprehensive restructuring process and had applied for bankruptcy protection in March. At the same time, all Canadian branches are liquidated.
One of the interested parties is the Canadian Tire Corporation, which recently secured Hudson’s Bay’s intellectual property for $ 30 million. The company confirmed that it also “offered for a handful of rent locations”.
Hudson’s Bay told the media that discussions with other interested parties would continue to be held. Results from these negotiations could be communicated at a later date.
Fashionunited asked Hudson’s Bay and Ruby Lius Investment company Central Walk to comment.
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