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The Bay is going to pay just half of its monthly rent to Cherry Lane Mall in 2021, even as outstanding rent debts from 2020 remain the subject of duelling lawsuits.
According to a consent agreement filed in January in BC Supreme Court, Hudson's Bay Company has agreed to pay 50 per cent of the rent amounts to Cherry Lane as they become due, for a total of $38,489.65 per month for the year.
The remaining 50 per cent will be placed in a trust account with HBC's counsel, "subject to the parties' subsequent agreement or further order of the court," according to court documents.
The agreement comes on the heels of two lawsuits, one filed by Cherry Lane and one by HBC, in November 2020.
Cherry Lane alleged in its suit that HBC had not paid its roughly $78,000 per month rent since April 2020, resulting in over $620,000 owed, plus more than $85,000 in taxes and lease costs reconciliation. That number has since climbed to over $730,000 the mall claims it is owed.
HBC, on the other hand, filed a suit the same day in November blaming Cherry Lane for their loss of revenue during the pandemic that left them unable to pay their rent.
It was one of multiple similar lawsuits the company launched against its landlords around Canada.
Numbers provided in the lawsuit show sales dropped dramatically in 2020 since the beginning of the pandemic, with the worst month being April. In April 2019, The Bay at Cherry Lane recorded $1,009,495 in sales, compared to just $4,634 in April 2020, a 99.5 per cent change for the worse.
Cherry Lane has a pending petition before the courts to terminate The Bay's tenancy, which will be heard along with an interlocutory injunction application — a court order to compel or prevent a party from doing certain acts until the case is settled — in March 2021 in Vancouver.
