Hudson's Bay has reached deals to sell the leases of six store locations as legal wrangling continues on work to close a deal to sell up to 25 leases to B.C. billionaire Ruby Liu.
Legal filings show clothing retailer YM Inc. has struck a deal to buy five leases for $5.03 million, while it was unable to secure landlord approvals for three other locations.
The five leases include Vaughan Mills in Vaughan, Ont., Tanger Outlet in Kanata, Ont., Outlet Collection in Winnipeg, CrossIron Mills in Rocky View, Alta., and Toronto Premium Outlets in Halton Hills, Ont.
Separately, Ivanhoe Realties Inc. has agreed to pay $20,000 for a lease at Metrotown in Burnaby, B.C., that its parent company Ivanhoe Cambridge owns.
Hudson's Bay put its leases up for sale earlier this year, after it filed for creditor protection and closed its 80 stores and 16 under its sister Saks banners.
Three leases which sold for $6 million were already transferred to Liu who wants to buy 25 more to open a department store.
Thumbnail photo courtesy of the Canadian Press.
