Oxford Properties, the mall landlord of Toronto’s Yorkdale Shopping Centre, successfully blocked Les Ailes de la Mode from taking over the former Hudson’s Bay store. Judge Jessica Kimmel ruled that the proposed plan lacked commercial viability, putting an end to the move. The decision came after RioCan Real Estate Investment Trust tried to sell its lease to Fairweather Ltd., the owner of Les Ailes de la Mode, as part of a deal to offset HBC’s financial troubles. Yorkdale’s owner, Oxford, opposed the plan, citing concerns about the luxury mall’s image and the financial stability of Les Ailes de la Mode.
Les Ailes de la Mode, a Canadian department store with a history dating back to the 1990s, is owned by Isaac Benitah through Fairweather. Despite RioCan’s argument about Fairweather’s expertise, Oxford and other stakeholders expressed doubts about the retailer’s fit for Yorkdale. The retailer is also planning to open department stores in Québec City and Montréal in the coming years.