Hudson's Bay Company

[DSC]

This, from an interview, is in G&M today

Mr. Baker told The Globe and Mail in an interview in May that HBC planned to “right-size and rethink” some of its real estate, including the Montreal and Vancouver flagship stores, “to create value beyond the store itself."

“One of the reasons we went private was because people didn’t understand that we are a real estate company that owns three strong operating companies,” Mr. Baker said at the time.

“We’re not a department store chain. We’re a holding company that owns many billions of dollars worth of real estate; and we own [department stores].”

 

[Richard White]

This, from an interview, is in G&M today

Mr. Baker told The Globe and Mail in an interview in May that HBC planned to “right-size and rethink” some of its real estate, including the Montreal and Vancouver flagship stores, “to create value beyond the store itself."

“One of the reasons we went private was because people didn’t understand that we are a real estate company that owns three strong operating companies,” Mr. Baker said at the time.

“We’re not a department store chain. We’re a holding company that owns many billions of dollars worth of real estate; and we own [department stores].”

They are so out of touch that I wouldn't be surpised if they went bankrupt.

 

[Towered]

This, from an interview, is in G&M today

Mr. Baker told The Globe and Mail in an interview in May that HBC planned to “right-size and rethink” some of its real estate, including the Montreal and Vancouver flagship stores, “to create value beyond the store itself."

“One of the reasons we went private was because people didn’t understand that we are a real estate company that owns three strong operating companies,” Mr. Baker said at the time.

“We’re not a department store chain. We’re a holding company that owns many billions of dollars worth of real estate; and we own [department stores].”

“We’re not a department store chain."

 

[AlvinofDiaspar]

“We’re not a department store chain."

To be fair, we can tell that it hasn't been one for awhile now.

AoD

 

[Northern Light]

This, from an interview, is in G&M today

Mr. Baker told The Globe and Mail in an interview in May that HBC planned to “right-size and rethink” some of its real estate, including the Montreal and Vancouver flagship stores, “to create value beyond the store itself."

“One of the reasons we went private was because people didn’t understand that we are a real estate company that owns three strong operating companies,” Mr. Baker said at the time.

“We’re not a department store chain. We’re a holding company that owns many billions of dollars worth of real estate; and we own [department stores].”

Not surprised.

Baker was a real estate guy first.

From Sears to MEC there are corporate vultures who don't seek to protect/restore/enhance a viable business, but instead how to extract value until they kill it.

 

[AlvinofDiaspar]

Not surprised.

Baker was a real estate guy first.

From Sears to MEC there are corporate vultures who don't seek to protect/restore/enhance a viable business, but instead how to extract value until they kill it.

Sounds like it is about to get Seared.

AoD

 

[syn]

Not surprised.

Baker was a real estate guy first.

From Sears to MEC there are corporate vultures who don't seek to protect/restore/enhance a viable business, but instead how to extract value until they kill it.

Technically, he's not wrong. It's kind of like McDonald's.

I realize this could mean they simply sell off their real estate holdings and disolve the company - I just hope they can be a lot more creative and re-work the model.

That of course is a very optimistic take.

 

[Richard White]

It's interesting to note that The Bay once dabbled in HBC branded alcohol among other things.

I actually have a bottle of HBC Rum.

 

[Richard White]

It's interesting to note that The Bay once dabbled in HBC branded alcohol among other things.

I actually have a bottle of HBC Rum.

 

[Towered]

Sounds like it is about to get Seared.

AoD

I can already hear the sizzle...

 

[AlbertC]

HBC sues landlord of Yorkdale, Square One claiming failure to run 'first class' malls

Oct. 27, 2020

Hudson's Bay Co. has filed a lawsuit against the landlord of several of its department stores, alleging a failure to operate and maintain “first class shopping centres.”

In a statement of claim filed in an Ontario Superior Court, HBC alleges that Oxford Properties Retail Holdings is in breach of lease agreements and the contractual duty of good faith.

The retailer claims that Oxford, which has a portfolio of malls including the Yorkdale Shopping Centre in North York, Ont., and the Square One Shopping Centre in Mississauga, Ont., has refused to deliver suitable premises since reopening after COVID-19 shutdowns.

The claims have not been tested in court.

Oxford said in an email that HBC's complaints are without merit and that it is confident of prevailing.

“HBC has not paid rent since April 1 at most of our shopping centres across Canada, and seven months of recurring attempts to engage the company in a constructive dialogue were repeatedly ignored,” it wrote.

“Recently, HBC has begun to raise frivolous and self-serving complaints concerning the operations of multiple shopping centres in a transparently disingenuous attempt to retroactively justify its decision to stop paying rent.”

HBC says in the filing that the landlord has refused to adapt its shopping centres to the pandemic and no longer provides a retail environment viewed as safe or attractive by the public.

The company is seeking a declaration that it does not have to pay rent until the landlord fixes the issues, as well as the “disgorgement” of rent paid to Yorkdale Shopping Centre Holdings Inc., Square One Shopping Centre Holdings Inc. and other Oxford subsidiaries since April of this year.

Oxford and Cominar Real Estate Investment Trust earlier this month filed lawsuits against HBC in Quebec for unpaid rent, alleging the iconic department store that anchors shopping malls across Canada hadn't paid its bills at multiple locations since April.

HBC sues landlord of Yorkdale, Square One claiming failure to run 'first class' malls

Hudson's Bay Co. has filed a lawsuit against the landlord of several of its department stores, alleging a failure to operate and maintain “first class shopping centres.”

beta.cp24.com

 

[Amare]

I think it's time HBC shoppers get together and sue HBC for running down half their stores into the ground, leaving them in "last class" state.

This is just a cheap, and joke of an exercise by this company to excuse themselves from paying rent that they cant afford.

 

[AlvinofDiaspar]

I think it's time HBC shoppers get together and sue HBC for running down half their stores into the ground, leaving them in "last class" state.

I think they already sued and won - they stopped going.

AoD

 

[ShonTron]

I might order a few things during the Bay Days sale while I can. But I have little confidence in HBC anymore, especially with these fights with landlords.

 

[Blovertis]

HBC sues landlord of Yorkdale, Square One claiming failure to run 'first class' malls

The disconnect between the claim and reality is jarring. Everyone knows that Yorkdale is the best mall in Canada. This lawsuit is a desperation move if ever I saw one.