None of the Hudson’s Bay locations in Ottawa are on the list of stores the company told court it wants to exclude from a company-wide liquidation.
An Ontario court has given Hudson’s Bay permission to begin the liquidation of all but six of its stores starting Monday, amid major financial troubles. The six locations the company said it wants to save include two in Toronto, one in Richmond Hill, one in Montreal, one in Laval, and one in Pointe-Claire, Que.
In Ottawa, Hudson’s Bay has stores at the Bayshore Shopping Centre, the St. Laurent Shopping Centre, Place d’Orléans, and on Rideau Street, across from the CF Rideau Centre, as well as a Saks Off 5th location at Tanger Outlets in Kanata. There is also a Hudson’s Bay store at Les Promenades Gatineau.
RioCan, which owns part of the Hudson’s Bay near the Rideau Centre and the Saks Off 5th at Tanger Outlets, said in a statement earlier this week that it will seek potential opportunities for the stores.
“RioCan remains committed to protecting the interests of its unitholders and other stakeholders. To achieve this, RioCan will pursue all available business and legal avenues, and will leverage its extensive leasing and development capabilities to achieve the best possible outcome for each of the properties within the JV,” the company said.
Court documents show Hudson’s Bay owes the owner of Bayshore Shopping Centre $202,867, Canada Post $1.4 million, Hydro Ottawa $401,962, Ottawa Police $2,892 and the City of Ottawa $148,478. It also owes Les Promenades Gatineau $564,876.
“This stings a bit more than it would otherwise, and I don’t want to underplay it because it is a big deal, this is also a store that has signified and been associated with Canada,”. said Shawn Hamilton, Proveras Commercial Realty principal and owner. “I tend to look at things with a glass half full kind of way and yes, it doesn’t minimize the issue and the impact that it’s going to make, The Bay sort of pulling out of downtown, but prime real estate is still prime real estate.”
Hamilton adds that pulling out of the retail location leaves behind a prime piece of real estate, “much like when Chapter’s pulled out of what is now going to be Live Nation.”
“This created the vacuum for which Live Nation could come in, and the associated excitement and investment that it’s going to bring into the downtown. I also look at it as creating an opportunity for revitalization, reinvestment, (and/or) re-immerging of the ByWard Market,” Hamilton said.
“Look at the timing in terms of Live Nation opening up the renewed commitment of the city in terms of revitalizing the ByWard Market, I look at what’s happening at LeBreton Flats and the commitment that’s there. I would say if we had to pick a time for this catastrophe to happen, this would be as good a time as any.”
“We need to look at this real estate with the likes of the business community, the Board of Trade, (and) Ottawa Tourism, to see what can be done with it. Does it create new retail concepts? Does it create opportunities for residential development? Does it create opportunities for social programing that might benefit the ByWard Market?”
With files from CTV News Ottawa’s Katelyn Wilson, Tyler Fleming and The Canadian Press
