Fashion

[TY]

How long will it take HBC -- the parent corporation of Saks 5th Avenue and Hudson's Bay Company department stores -- to go bust? They apparently have not paid any rent for a lot of their stores during the pandemic and owe a ton of money in back rent.

HBC and the Simon Property Group also aren't making mortgage payments on a joint venture involving Saks 5th Avenue stores and Lord & Taylor stores.

HBC took their company private earlier this year before the pandemic hit. So how bad off are they is anyone's guess.

Here's are some about HBC not paying rent and mortgages:

From the CBC news in Canada:

https://www.cbc.ca/news/business/hbc-covid-rent-1.5762213

Hudson's Bay Company accused by 2 landlords of not paying rent since April at 5 locations

From the Miami Herald:

https://www.miamiherald.com/news/business/article245264565.html

Saks Fifth Avenue facing eviction from Bal Harbour Shops for unpaid rent

From the Real Deal website:

https://therealdeal.com/2020/10/14/hudsons-bay-simon-property-group-hit-with-846m-foreclosure-lawsui...

Hudson’s Bay, Simon Property Group hit with $846M foreclosure lawsuit

Lawsuit alleges nonpayment at 24 Lord & Taylor and 10 Saks locations

[Foxxee]

Lord & Taylor is in bankruptcy and won't be coming back.

Haven't heard problems with Saks, but I know other retailers weren't paying rent either during Covid-19.  

[Deb213]

Our Lord and Taylor, (in an affluent area), closed well before COVID - very sad. Online shopping before COVID, combined with all of the shutdowns since COVID, have hurt these businesses badly. Praying they make it, but it is not looking good unfortunately...

[ECBG]

I have always had a high impression of those stores.  It's bad to lose any choices, even if you don't go there, plus closing impacts so many people's lives.

[San Antonio Gal]

This is very sad.  A lot of jobs lost for many folks. 

[Pecky]

Lord & Taylor in my area is closing.  Their last day is 12/31.  It's very sad as that was my go to store.  Pennys is closing in our mall within a few days.  

[TY]

The canadian website Retail-Insider has a new article about HBC. They set up a new division to handle their real estate holdings. 

https://www.retail-insider.com/retail-insider/2020/10/hudsons-bay-company-announces-division-to-rede...

The article also lists some of the Hudson's Bay and Saks Fifth Avenue stores that the landlords want to foreclose on for non payment of mortgages or rent and many are located in higher end malls like Tysons Galleria in Virginia and The Fashion Show  Mall in Las Vegas in the U.S. and Park Royal mall in West Vancouver, Canada.

I've been to all three of those malls before. I've probaby been to The Fashion Show Mall at least 10 times and thought that the Saks store needed some sprucing up. They were definitely not as nice as the Nordstrom store there.