Toronto – Cadilac Fairview says that a plan of BC billionaire is expected to take more than 25 pre -Huds Bay Pattas, “defines commercial general knowledge” and thus, it should not be allowed to enter.
In a filing with the Ontario Superior Court on Saturday, Cadilac Fairview says that this is “strongly opposed” to Liu to become tenants in some of his malls as he does not have any detailed or reliable business plan.
The owners of the mall also say that Liu, who owns the three BC shopping center, has no brand, retail has experienced employee or track records.
Her business “beyond Ms. Liu’s bare claim, without any guarantee of financial instruments, he would keep it,” said in an affidavit, Rory McLeode, Executive Vice President of the Executive Vice -Chairman of Cadilac Fairview said, said in an affidavit. “All indications are that (his company) will run out of money before the first store opens.”
McLod’s affidavit sought in a battle that is celebrating between Liu and the landlords as it was announced in May in May that he had chosen him to buy 28 of his leases. The first three were approved by the court and were transferred to the short order as they were in three malls in Liu.
The remaining 25, however, have been very frightening. They covers some of the country’s most prized retrievances and came up with cheap fare and very attractive conditions for the bay, which were filed in March for creditor protection under the weight of tremendous debt.
For example, Bay paid $ 1.3 million in the annual fares for 152,420 square feet at Toronto’s Fairview Mall, showing court documents, which is a fraction of paying non-lunger tenants.
Unable to reverse most of the landlords with lease transfer, the Gulf asked a court to accept the property owners in late July to accept Liu as a tenant.
Cadilac is until next Tuesday of Liu and Bay to respond to the allegations of Fairview. A judge will listen to the case at the end of the month.
Liu has said that she wants to turn on the bay stores which she is expecting to buy in her department store, which is named after her own. He has repeatedly told the Canadian press that his stores will not only offer retail space, but will also offer food, entertainment, children’s sports and entertainment areas.
McLod says that it has also talked about excluding the space with grocery stores, educational centers, senior facilities, robotics and music performance.
Cadilac Fairview says that the company does not allow the company to do anything other than the lease of Fairview Mall, Sherve Garden, Masonville Place and Markville Ontario, Chinook Center at Market Mall and Alberta – Richmond Center at BC and Richmond Center at BC.
“Despite her personal assurance that she intends to respect the terms of the lease, Ms. Liu has consistently presented a separate idea to the public, one that will not be compatible with the leases,” said McLeod.
His affidavit also raised concerns with the deadline and budget in his business plan.
Liu has stated that it would be ready to open at least 20 stores within 180 days of receiving the leases and spend $ 135 million on the roofs, HVAC systems, washrooms, lifts and escalators and initial inventory on repair of $ 135 million.
The Cadilac Fairview states that its proposed timeline is “completely unrealistic” for a new brand, let one installed one alone, and his plan has been reduced based on the requirement of more repair assets and will need to agree to suppliers of expensive terms.
McLeod estimates that shops will require more than $ 15.8 million in repair before the end of 2026 to bring leases into good positions. By 2027, Luu will need to spend another $ 5.7 million on repair, not including taxes, permits or fees for early labor.
Over the next 10 years, they estimate that Liu would need to spend at least $ 43.1 million on the cadilac fairview leases.
He also raised the issue with his staffing estimates, which suggests that he would need 1,800 employees to carry out his plan.
If all 1,800 are sales employees that will leave only 64 people on the floor of each 28 stores. McLeod stated that such staffing levels are “insufficient to support a nationwide chain” and “also an excerpt of that size with a retail location.”
“With my decades experience in commercial real estate, it is clear for me and the Cadilac Fairview that (Liu) will fail and will again leave these shops empty,” he said.
