All 96 Hudson's Bay Stores In Canada, The Landlords, And The Mortgages

On Friday, Canada's oldest and most iconic retailer, the Hudson's Bay Company, announced that it had filed for and was granted creditor protection under the Companies' Creditors Arrangement Act (CCAA), after getting hit hard by the COVID-19 pandemic and not seeing the recovery it had hoped for.

According to court documents, Hudson's Bay currently employs a grand total of 9,634 people across its operations, which includes 96 stores — under the Hudson's Bay brand, but also Saks Fifth Avenue and Saks OFF 5TH — in seven provinces.

As we reported on Friday, the company is currently also carrying $1.129 billion of debt as of March 7, which includes $724.4 million in mortgages tied to some of its real estate holdings.

After being granted creditor protection on March 7 and securing the usual 10-day initial period of protection, the company will return to court on March 17 with more details about how it intends to restructure, but there are already some hints about what the restructuring will look like.

In an affidavit submitted alongside the company's CCAA application, Hudson's Bay Company's New York-based Chief Financial Officer Jennifer Bewley said that the company intends to sell some of its stores.

"The Companies intend to conduct an orderly liquidation with respect to certain retail stores," Bewley said. "The Applicants intend to seek Court approval for a process to conduct an orderly liquidation in a manner that is fair and reasonable for the Applicants, landlords, and other stakeholders."

Bewley also indicated that the company may do the same with some of its leases.

"Hudson's Bay has various leases which have value as the rents are below-market," she said. "The Applicants intend to seek Court approval for a process to market such leases in a manner that is fair and reasonable for the Applicants, landlords, and other stakeholders."

In light of that, here is a complete breakdown of the Hudson's Bay Company's 96 stores, the landlords, as well as its mortgages. All stores operate under the Hudson's Bay brand unless otherwise stated and all locations are leased unless otherwise stated.

The Stores

Ontario (41)

1. Eglinton Square, Scarborough / KS Eglinton Square Inc.
2. Fairview Mall, North York / CF/Realty Holdings Inc. and FVM Property Inc.
3. Centerpoint Mall, North York / Revenue Properties Company Limited
4. Bramalea City Centre, Brampton / Morguard Corporation and Bramalea City Centre Equities Inc.
5. Woodbine Centre, Etobicoke / Woodbine Mall Holdings Inc.
6. Erin Mills Town Centre, Mississauga / EMTC Holdings Inc.
7. Oshawa Shopping Centre, Oshawa / Oshawa Centre Portfolio Inc.
8. Masonville Place, London / CF/Realty Holdings Inc.
9. Upper Canada Mall, Newmarket / Oxford Properties Retail Holdings II Inc. and CPPIB Upper Canada Mall Inc.
10. Markville Shopping Centre, Markham / CF Markville Mall Rec Inc.
11. Pickering Town Centre, Pickering / PTC Ownership LP
12. Mapleview Centre, Burlington / Ivanhoe Cambridge II Inc. and Canapen (Halton) Ltd.
13. White Oaks Mall, London / White Oaks Shopping Centre Inc.
14. Fairview Park Mall, Kitchener / Fairview Park (Kitchener) Limited Partnership
15. Sherway Gardens, Etobicoke / The Cadillac Fairview Corporation Limited
16. Hillcrest Mall, Richmond Hill / Montez Hillcrest Inc. and Hillcrest Holdings Inc.
17. Limeridge Mall, Hamilton / Ontrea Inc
18. Pen Centre, St. Catharines / OPB Realty Inc.
19. Conestoga Mall, Waterloo / Conestoga Mall Holdings Inc.
20. Cambridge Centre, Cambridge / Morguard Real Estate Investment Trust
21. Place d’Orleans Shopping Centre, Orleans / Place D’Orleans Holdings Inc
22. St. Laurent Shopping Centre, Ottawa / 713949 Ontario Limited
23. Bayshore Shopping Centre, Ottawa / KS Bayshore Inc.
24. Cataraqui Town Centre, Kingston / Cataraqui Holdings Inc.
25. 176 Yonge St., Toronto / Ontrea Inc.
26. Square One, Mississauga / OMERS Realty Management Corp. and Square One Property Corporation (Co-Leased with RioCan)
27. Scarborough Town Centre, Scarborough / Scarborough Town Centre Holdings Inc. (Co-Leased with RioCan)
28. Yorkdale, North York / Yorkdale Shopping Centre Holdings Inc. (Co-Leased with RioCan)
29. Devonshire Mall, Windsor (Co-Owned with RioCan)
30. Downtown Ottawa Store, Ottawa (Co-Owned with RioCan)
31. Georgian Mall, Barrie (Co-Owned with RioCan)
32. Oakville Place, Oakville (Co-Owned with RioCan)
33. Sherway Gardens Shopping Centre, Etobicoke / The Cadillac Fairview Corporation Limited (Saks Fifth Avenue)
34. Eaton Centre, Toronto / Ontrea Inc. (Saks Fifth Avenue)
35. Tanger Outlets, Ottawa / Riocan Holdings (TJV) Inc. and 1633272 Alberta ULC (Saks OFF 5TH)
36. Outlet Collection at Niagara, Niagara / The Outlet Collection (Niagara) Limited (Saks OFF 5TH)
37. Vaughan Mills, Vaughan / Ivanhoe Cambridge II Inc. and TRE2 Non-US Bigfoot Corp. (Saks OFF 5TH)
38. Toronto Premium Outlets, Halton Hills / Halton Hills Shopping Centre Partnership (Saks OFF 5TH)
39. Sherway, Etobicoke / Horner Developments Ltd. and Mantella & Sons Investments Ltd. (Saks OFF 5TH)
40. Downtown Ottawa, Ottawa / RioCan-HBC Limited Partnership (Saks OFF 5TH)
41. Pickering Town Centre, Pickering / PTC Ownership LP (Saks OFF 5TH)

British Columbia (18)

1. Village Green Mall, Vernon / OPTrust Retail Inc
2. Aberdeen Mall, Kamloops / Aberdeen Kamloops Mall Limited
3. Willowbrook Mall, Langley / 2725312 Canada Inc. and 2973758 Canada Inc. and Willowbrook Langley Holdings Inc.
4. Mayfair Shopping Centre, Victoria / Central Walk Mayfair Shopping Centre Inc.
5. Parkwood Place, Prince George / Loon Properties (Prince George) Inc.
6. Richmond Centre, Richmond / RCCOM LP and AIMCo Realty Investors LP
7. Woodgrove Centre, Nanaimo / Central Walk Woodgrove Shopping Centre Inc.
8. Orchard Park Shopping Centre, Kelowna / Orchard Park Shopping Centre Holdings Inc.
9. Metrotown, Burnaby / Ivanhoe Cambridge II Inc. and Ivanhoe Cambridge Inc.
10. The Bay Centre, Victoria / TBC Nominee Inc.
11. Guildford Town Centre, Surrey / Guildford Town Centre Limited Partnership and Lasalle Canada Core Real Property LP
12. Cherry Lane Shopping Centre, Penticton / Cherry Lane Shopping Centre Holdings Ltd.
13. Park Royal Shopping Centre, West Vancouver / Park Royal Shopping Centre Holdings Ltd.
14. Sevenoaks Shopping Centre, Abbotsford / 585562 BC Ltd.
15. Coquitlam Centre, Coquitlam / Pensionfund Realty Limited
16. Downtown Vancouver Store, Vancouver (Co-Owned with RioCan)
17. Tsawwassen Mills, Tsawwasen / Central Walk Tsawwassen Mills Inc. (Saks OFF 5TH)
18. Park Royal Shopping Centre, West Vancouver / Park Royal Shopping Centre Holdings Inc. (Saks OFF 5TH)

Alberta (16)

1. Bower Place, Red Deer / bcIMC Realty Corporation and Bower Place Holdings Inc
2. Southgate Shopping Centre, Edmonton / IMCO Real Estate Holdings (Southgate) Inc. and Southgate Centre Holdings Inc
3. Londonderry Mall, Edmonton / Londonderry Shopping Centre Inc.
4. Medicine Hat Mall, Medicine Hat / Medicine Hat Mall Inc.
5. Chinook Centre, Calgary / Ontrea Inc.
6. Market Mall, Calgary / Market Mall Leaseholds Inc.
7. St. Albert Shopping Centre, Edmonton / St. Albert Centre Holdings Inc.
8. West Edmonton Mall, Edmonton / West Edmonton Mall Property Inc.
9. Lethbridge Centre Mall, Lethbridge / Melcor REIT Limited Partnership
10. Sunridge Mall, Calgary / Sunridge Mall Holdings Inc.
11. Southcentre Mall, Calgary / Oxford Properties Retail Holdings Inc.
12. Kingsway Garden Mall, Edmonton / Kingsway Garden Holdings Inc.
13. Downtown Calgary Store, Calgary (Co-Owned with RioCan)
14. Chinook Centre, Calgary / Ontrea Inc. (Saks Fifth Avenue)
15. Crossiron Mills, Rocky View / Crossiron Mills Holdings Inc. (Saks OFF 5TH)
16. Skyview Power Centre, Edmonton / Skyview Equities Inc. and SP Green Properties LP (Saks OFF 5TH)

Quebec (14)

1. Centre Laval, Laval / Cominar REIT/Homburg Trust (186)
2. Centre Rockland, Mont Royal / Cominar Real Estate Investment Trust
3. Fairview Pointe Claire, Pointe Claire / Fairview Pointe-Claire Leaseholds Inc.
4. Les Galeries d’Anjou, Montreal / Ivanhoe Cambridge Inc. – Anjou
5. Carrefour de l’Estrie, Sherbrooke / Centre de l’Estrie Inc
6. Les Promenades Gatineau, Gatineau / Les Promenades Gatineau Holding Inc.
7. Place Rosemere Shopping Centre, Rosemere / Place Rosemere Inc.
8. Les Galeries de la Capitale, Quebec City / Galeries Capitale LP
9. Champlain Mall, Brossard / 9015086 Canada Inc.
10. Carrefour Angrignon, LaSalle / Carrefour Richelieu Realties Ltd.
11. Carrefour Laval, Laval / Le Carrefour Laval REC Inc. (Co-Leased with RioCan)
12. Les Promenades St. Bruno, St. Bruno / Ontrea Inc. (Co-Leased with RioCan)
13. Downtown Montreal Store, Montreal (Co-Owned with RioCan)
14. Place Ste-Foy, Quebec City / Ivanhoe Ste-Foy Inc. (Saks OFF 5TH)

Manitoba (3)

1. St. Vital Shopping Centre, Winnipeg / OPB Realty Inc.
2. Polo Park Shopping Centre, Winnipeg / Ontrea Inc.
3. Outlet Collection Winnipeg, Winnipeg / The Outlet Collection at Winnipeg Limited and Seasons Retail Corp. (Saks OFF 5TH)

Saskatchewan (2)

1. Midtown Plaza, Saskatoon / Midtown Plaza Inc., as general partner or MPLP
2. Cornwall Centre, Regina / Cornwall Centre Inc.

Nova Scotia (2)

1. Mic Mac Mall, Dartmouth / Mic Mac Limited Partnership
2. Mayflower Mall, Sydney / NSAHOPP Mayflower Inc. and HOOPP Realty Inc.

A breakdown of stores in Canada operated by the Hudson's Bay Company, by brand name and location.

In addition to the retail stores, Hudson's Bay also leases the following four distribution centres across the country. They and their landlords are:

1. Vancouver Logistics Center, Richmond, BC / PIRET (18111 Blundell Road) Holdings Inc.
2. Scarborough Logistics Center Scarborough, ON / 100 Metropolitan Portfolio Inc.
3. Eastern Big Ticket Center Toronto, ON / ONTARI Holdings Ltd.
4. Toronto Logistics Center Toronto, ON / BCIMC Realty Corporation

The Mortgages

Out of the 96 total stores operated by the Hudson's Bay Company, seven stores are co-owned along with Toronto-based RioCan REIT (TSX: REI.UN) through a joint venture. The joint venture owns an 100% interest in five of those properties and a 50% interest in the remaining two — with an affiliate of RioCan owning the remaining 50% of both.

Several of those properties have a mortgage attached to them, with a total outstanding principal amount of $724,441,000. Here's a complete breakdown of the mortgages, from largest to smallest.

Downtown Vancouver - $202,000,000

Hudson's Bay's largest outstanding mortgage is tied to its flagship store at 674 Granville Street in downtown Vancouver. The first-ranking mortgage is held by a lending syndicate that consists of HSBC Bank Canada (acquired by RBC last year), Canadian Western Bank, United Overseas Bank, and Industrial & Commercial Bank of China. The mortgage is dated May 24, 2022 and matures on April 30, 2025. Hudson's Bay unveiled a development plan for the site in early-2022, but it has not progressed.

Downtown Montreal - $148,291,000

The second-largest mortgage is tied to its store at 585 Saint Catherine Street West in downtown Montreal. According to the affidavit submitted by Hudson's Bay's CFO, ownership of the Montreal property has been "hypothecated" — offered as collateral — to RBC for first-priority financing in the original principal amount of $161,000,000. The loan is dated October 3, 2022 and matures in October 2025.

Downtown Calgary - $105,000,000

The third-largest mortgage is tied to the joint venture's store at 200 8 Ave SW in downtown Calgary, but also its head leasehold interests in the Carrefour Laval store and Les Promenades St. Bruno store in Quebec, all of which were offered as collateral to BMO, who later entered into a credit agreement with CIBC, Bank of China, SBI Canada Bank, and Hudson's Bay Company Pension Plan on February 21, 2025. The first-ranking mortgage is dated May 31, 2024 and matures in August 2025.

Georgian Mall - $78,700,000 ($54,200,000 + $24,500,000)

The Georgian Mall property at 509 Bayfield Street in Barrie, Ontario is one of the two properties where the RioCan-HBC joint venture owns a 50% interest. A first mortgage on the property for the original principal amount of $110,000,000 is held by Desjardins. The mortgage is dated February 12, 2024, but the maturity date was not disclosed. The property is also tied to a second mortgage held by RC Holdings II LP, a RioCan affiliate, as security for a $24,500,000 second mortgage, which is dated February 12, 2024 and matures on February 12, 2029.

Yorkdale - $75,000,000

The joint venture's head leasehold interest in its store within the Yorkdale Shopping Centre in North York has been charged to RBC pertaining to a first mortgage for the principal amount of $75,000,000. The loan is dated January 26, 2024 and matures in January 2027. Pertaining to this same mortgage, a freehold interest in the aforementioned downtown Montreal property is also being used by a RioCan affiliate as a second-priority security.

Downtown Ottawa - $71,750,000 ($55,100,000 + $16,650,000)

Two mortgages are tied to its store at 73 Rideau Street in downtown Ottawa. The first mortgage for the original principal amount of $56,525,000 is held by Desjardins. The mortgage is dated October 3, 2024 and matures on October 3, 2029. The second mortgage is for the principal amount of $16,650,000 and is held by RioCan and RC Holdings II LP. It is also dated October 3, 2024 and also matures on October 3, 2029.

Oakville Place - $43,700,000

The final mortgage is tied to the Oakville Place shopping centre at 240 Leighland Avenue in Oakville, Ontario. The RioCan-HBC joint venture owns a 50% interest in the shopping centre, which is tied to a first mortgage held by TD Bank and Canada Life for the original principal amount of $87,400,000. The mortgage is dated June 14, 2021 and matures in August 2025. The joint venture's 50% ownership interest has also been charged to a RioCan affiliate as a second mortgage security for the guarantee given by RioCan pursuant to the Yorkdale store.