The Globe and Mail reports in its Saturday, Aug. 23, edition that Hudson's Bay and its lender, Pathlight Capital, are accusing landlords of having "ulterior motives" for opposing the sale of 25 leases to B.C. billionaire Ruby Liu. A Canadian Press dispatch to The Globe reports that in recent court documents, they argue landlords prefer to regain the properties for their own redevelopment rather than support the sale. They describe the landlords' efforts as a "strenuous campaign" aimed at securing benefits for themselves instead of aiding Hudson's Bay in repaying its creditors, which still amount to over $68.5-million (U.S.). This conflict arises after the company's collapse under debt in March, leading to the liquidation of all 80 stores and 16 Saks locations to recover funds for creditors. Landlords argue that Ms. Liu cannot move in as the leases restrict her intended uses and her business timeline is unrealistic.
Landlords argue that Ms. Liu cannot move in as the leases restrict her intended uses and her business timeline is unrealistic. All department stores nationwide have closed, and the company is no longer named Hudson's Bay after selling its intellectual property to Canadian Tire.
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