Landlords fear huge loss due to Hudson’s Bay ‘fraud’

Landlords of the buildings in which the shops of the now bankrupt Hudson’s Bay chain were located believe that the retail chain is fraudulently trying to get out of the overdue rental debt. They fear losing 200 million euros as a result.

It reports that Financieele Dagblad.

The five retailers are taking the retail chain in their home country of Canada to court. CBRE Global Investors, the owner of the property in Maastricht, is also participating in the process, according to the newspaper, according to Canadian court documents.

Fraudulent relocation of assets
According to the Dutch store landlords, Hudson’s Bay has fraudulently moved assets to the tax haven of Bermuda. The landlords say the Canadian company has been gutted to “ annul, hinder, harm or defraud creditors. ”

The retail chain is said to have placed its most valuable assets, such as real estate in the United States, in a so-called offshore company in Bermuda. In this way, it would be very difficult for creditors to be able to collect outstanding debts. “If you are going to pick up the rent in Canada, you have to go to the entity that issued the guarantee,” one of the landlords’ attorneys told the FD. “And that entity suddenly has much less capital. The landlords wonder: is there anything left?”

Failed adventure
Hudson’s Bay closed its stores in the Netherlands at the end of 2019, including the Maastricht branch in the old V&D building in the city center. The landlords say they are still entitled to overdue rent. they are said to have renovated the properties for many millions at the request of Hudson’s Bay and received long-term leases and other guarantees in return. They say Hudson’s Bay still owes them a lot of money.

The lawsuit in Canada is a new step in the already complex legal battle to settle the bankruptcy of the Dutch branch of the retail chain. A Hudson’s Bay spokesperson has denied the allegations of fraudulent asset relocation. “These new claims from the Dutch landlords are purely tactical and unfounded and we defend ourselves fiercely against them,” the spokesperson told the FD.
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