COQUITLAM (NEWS 1130) — Shoppers at Coquitlam Centre can once again spend their money at the Bay after a court decision sided with the retailer.
The HBC department store was shut down over the weekend by property management firm Morguard Investments because the rent hadn’t been paid. In the court decision, HBC must pay 50 per cent of the rent owed.
— CityNews Vancouver (@CityNewsVAN) November 27, 2020
The 350-year-old retailer that’s owned by an American investment firm has struggled to pay rent elsewhere in Canada, however, Ian Putnam, CEO of HBC Properties, says they have reached agreements with the majority of the Bay’s landlords across the country.
In a statement to NEWS 1130, the Bay says it’s grateful that the Supreme Court of B.C. is acknowledging the extraordinary challenges of the global pandemic.
Hudson’s Bay in #Coquitlam has reopened after win in court. Landlord had taken possession for not paying rent. Ian Putnam, President & CEO of HBC Properties and Investments says company grateful Supreme Court of BC “recognized the extraordinary challenges of the global pandemic.” pic.twitter.com/sfm5nJH2fB
— Monika Gul (@MonikaGul) November 26, 2020
“The majority of Canada’s leading landlords share this view and have reached mutually acceptable agreement with us. When Morguard tried to evict us, without regard for the impact on our employees, vendors and other retailers, we had no choice but to defend ourselves,” the statement reads.
The company believes the courts will continue to provide an approach that is fair to landlords and retailers during this difficult time.
A letter posted Saturday on the department’s door in Coquitlam said the landlord has terminated the store’s lease.
The Bay, like many retailers, has struggled through the COVID-19 pandemic, which has pushed people to do more shopping online.
-with files from Monika Gul and the Canadian Press