A Hudson’s Bay lender is asking a court to cancel the retailer’s plan to sell more than 20 store leases to a B.C. billionaire, arguing that strong opposition from landlords and the high cost of securing their approval reflect mismanagement of the Bay’s wind-down.
Investment manager ReStore Capital LLC, one of the Bay’s biggest lenders, filed a court motion on July 8 seeking to terminate a deal the retailer reached in May to assign up to 28 store leases to B.C. mall owner Ruby Liu.
ReStore argues that efforts to secure landlord approvals for that deal have been costly and unproductive, and it is asking the court to appoint a “super monitor” to manage the liquidation of the remaining assets….