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All Hudson’s Bay Company Stores Set to Close on Sunday
It’s the end of an era.
A long era.
All Hudson’s Bay Canada stores are set to close Sunday as the iconic department-department store chain continues its business its wind-down.
The closures were scheduled previously as part of the 355-year-old firm’s creditor-protection process. They come as the futures of the store spaces and company brands become more clear.
B.C. billionaire Weihong (Ruby) Liu has agreed to acquire 28 Bay store leases at malls in B.C., Alberta and Ontario. Liu, a relatively unknown investor now making a name for herself, plans to develop a new department-store chain using the leases.
Meanwhile, Primaris REIT has secured full control of fives leases that went unclaimed following a bid process. Primaris also expects to get up to four leases back out of the nine that it issued altogether.
And, Canadian Tire has acquired the Bay’s brand assets for $30 million. Canadian Tire has also bid on what the firm called “a handful” of Bay store leases.
Hudson’s Bay is Canada’s oldest company.
- ◦Sale/Acquisition
- ◦Financing