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Hudson’s Bay Battles Lender Over Ruby Liu Lease Deal in Ontario Court

Hudson’s Bay Co. is pushing back against a motion filed by its senior lender, Restore Capital LLC, which seeks to terminate a controversial lease sale to billionaire Ruby Liu. The retailer has asked the Ontario Superior Court to dismiss the motion, arguing that the deal represents its best chance to recover funds for creditors amid its ongoing liquidation. The dispute centers on Hudson’s Bay’s plan to sell up to 28 store leases—25 of which remain pending court and landlord approval—to Liu’s company, Central Walk. While three leases have already been approved for $6 million, Restore claims the remaining transaction is draining resources, citing over $18 million in rent and professional fees with no clear path to completion. Hudson’s Bay CFO Michael Culhane defended the deal, stating that Restore was fully aware of the risks and had previously supported the transaction. He emphasized that Liu has already made a $9.4 million deposit and that the sale could generate significant recoveries ...
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Canada's Economy Shows Mixed Signals: Strong Growth in October, Contraction in November

 

Canada's economy exceeded market expectations with 0.3% growth in October, led by increases in oil and gas extraction and manufacturing, but gross domestic product likely contracted in November, data showed on Monday.

Analysts had forecast a 0.2% month-over-month rise in October, but the actual growth rate was higher. September's growth rate was also upwardly revised to 0.2% from an initial report of 0.1%. However, preliminary estimates for November indicate a contraction of 0.1%.

The stronger-than-expected growth in October was driven by a rebound in the goods-producing industry, which rose 0.9% after shrinking for four consecutive months. The mining, quarrying, and oil and gas extraction sector expanded 2.4% after three straight months of declines. Manufacturing also saw a rise of 0.3% in October.

Despite the positive performance in October, the preliminary data for November suggests a contraction, with declines in sectors including mining, quarrying, and oil and gas extraction, as well as transportation and warehousing. These declines were partially offset by increases in accommodation and food services and real estate and rental and leasing.

The Bank of Canada has been cutting interest rates to address slower growth, with a recent 50 basis point reduction bringing the key policy rate to 3.25%. The central bank will release fresh forecasts along with its next rate decision on January 29.

With October's stronger-than-expected gain and November's decline, the industry-based data point to the economy growing at a 1.7% annualized pace in the final quarter, assuming December growth is flat.



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