Hudson's Bay is responding to allegations from lender Hilco Global concerning improper liquidation management and a dubious pursuit of lease sales. CFO Michael Culhane argues Hilco's criticisms are unjust, stating many issues stem from Hilco's own actions and decisions. Restore Capital, part of the lending group, contends that Hudson's Bay has squandered collateral by negotiating to sell 25 leases to B.C. billionaire Ruby Liu, who aims to convert these locations into new stores. Liu has already secured leases on three Bay locations within her existing malls.
Culhane states that Hilco Global's criticisms of Hudson's Bay are "neither fair nor credible" due to the foreseeable nature of some outcomes driven by Hilco's actions.
Many of the adverse results that Hilco complains about are consequences of its own prior decisions and actions, as highlighted by Culhane's affidavit.
Restore Capital, a major lender, claims Hudson's Bay has jeopardized collateral funds by pursuing lease deals, which the retailer is contesting in court.
B.C. billionaire Ruby Liu intends to acquire 28 former Hudson's Bay locations to expand her mall empire and establish a new department store.
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