Owner of three shopping malls in B.C. says she wants to buy Hudson’s Bay
A Chinese billionaire in British Columbia went on social media to announce her plans to buy dozens of places by Hudson’s Bay after seeing “Canadian feel sad” for the collapse of the giant of retail.
The entrepreneur Weihong Liu is the president of the Board of Directors of Central Walk, a retail investment company that has three BC shopping centers
Liu has shared a series of videos on the Rednote Chinese social media platform, saying that he wants to “restore the bay to his glory”.
“Knowing that the bay, this national brand that transports the history of Canada, will collapse, I can’t stand, you have to do your best to do something, to save it, to continue the Canadian spirit,” Liu said in Mandarin. “Let the young generations in Canada fall in love with the bay again.”
Liu has decided to buy many shops on a blackboard in one of his videos, saying that the bay has hundreds of years of history and does not want to see him collapse.
“Therefore, we Canadians have to join together, we must revitalize the retail sale and resolve the employment, create miracles.”
Videos show his tour The Bay Luoges, from Toronto to Calgary, together with the real estate agent based in BC Linda Qin.
Hudson’s Bay’s roots return to 1670 as a commercial fur company with its first department store opens in Winnipeg in 1881, then expanding across the country.
The bay will liquidate everyone except six of its 80 stores, as well as its three Saks Fifth Avenue stores and 13 Saks Off 5th offices in Canada that has through a license agreement.
Faced with a billion dollars of debt, Hudson’s Bay Company has started its liquidation process. An Ontario court gave the secular dealer to its blessing to sell remaining actions in almost all its 96 stores. But as Liam Britten reports, opportunities hunters may need to wait to find the best offers.
Liu said in a video published last month that he would have presented his proposal for the bay’s activities in a few days.
The binding offers for the company’s activities or investments in the business are due to April 30, while those who want lease contracts must make an offer by 1 May.
Liu could not be reached for an interview, while Qin told Canadian Press in a text message Tuesday that will have more ads coming.
The HBC Tiffany Burrée spokesperson refused to comment on the offer.
The trial for the mocker of the lease of Hudson’s Bay and Saks was supervised by Alvarez & Marsal, a third party appointed by the court to guide Hudson’s bay through the protection of creditors and the Oberfeld Snowcap Inc. real estate broker.
Neither replied to a comment request asking if they had received an expression of interest from Liu.
A second trial to find buyers or investors for the other assets of the bay, who can include rights for its famous stripes or even his art, is managed by Alvarez & Marsal and reflect the consultants, the financial consultant of Hudson’s Bay.
Adam Zalev, CEO of Reflect, said in one and -mail: “It is not appropriate for us to comment while the sales process is underway”.
Uphill in battle
Retail analysts claim that this will be an uphill battle for Liu.
The founder and editor of the details of the Craig Patterson detail has seen one of the videos of Liu online and said that “it could only be someone who wants good attention to social media”.
Patterson said that it would be difficult to relaunch the shops, since investors must first find suppliers willing to sell products for them and, in this case, traders would prefer to have cash on delivery, rather than being paid later.
He said to make the chain practicable as a retailer for sellers, Liu must have at least 15 locations.
“And then it would obviously take money to renew the shops and have the product,” Patterson said.
He observed that one of the properties of Liu, Woodgrove shopping center in Nanaimo, was listed for sale.
Colliers Canada is promoting the center on its website.
The Vancouver retail sector is facing another success with the closure of all Hudson’s Bay offices outside Ontario and Quebec. As SOHRAB SANDHU reports, the officials of the city say that they would like to see the massive space of the center retain its value of the assets.
Lisa Hutcheson, strategist of the retail sale of the JC Williams group, said that it would be difficult to get the purchase from suppliers for any potential investor.
“I think it is a great risk right now is that these suppliers are really trying to be paid,” said Hutcheson, adding that the restoration of these relationships would require “a lot of trust”.
Also revisiting the corporate strategy is important, he said, since the purchase of the shop and keep it the same will make the shop “another redundant brand currently”.
“I don’t think it’s easy as, I will buy it and I will keep it open. There will certainly have to be a little more work to understand its relevance on the market, even if we only had this person in a certain sense on their plans,” said Hutcheson.
