{"id":61148,"date":"2025-06-23T16:58:22","date_gmt":"2025-06-23T16:58:22","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/06\/23\/hudsons-bay-receives-approval-for-sale-of-three-leases-to-b-c-mall-owner-ruby-liu\/"},"modified":"2025-06-23T16:58:22","modified_gmt":"2025-06-23T16:58:22","slug":"hudsons-bay-receives-approval-for-sale-of-three-leases-to-b-c-mall-owner-ruby-liu","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/06\/23\/hudsons-bay-receives-approval-for-sale-of-three-leases-to-b-c-mall-owner-ruby-liu\/","title":{"rendered":"Hudson\u2019s Bay receives approval for sale of three leases to B.C. mall owner Ruby Liu"},"content":{"rendered":"

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TORONTO \u2014 The B.C. billionaire looking to turn <\/p>\n

Hudson\u2019s Bay Co.<\/p>\n

\u2019s old digs into her own retail empire left court Monday with the beginnings of her venture in hand \u2014 and a looming fight that could curtail her full ambitions. <\/p>\n

Ontario Superior Court judge Peter Osborne granted <\/p>\n

Ruby Liu<\/p>\n

permission to take over leases for three Hudson\u2019s Bay properties in malls she owns. <\/p>\n

She will pay $6 million<\/p>\n

for the set of leases at Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre. <\/p>\n

\u201cShe is contributing millions of dollars of real value to the Companies\u2019 Creditors Arrangement Act process,\u201c said David Ward, a lawyer representing Liu. \u201dShe is betting on herself.\u201d <\/p>\n

As he spoke, Liu and an entourage of her staff looked on from the gallery. Earlier that morning, she arrived clad in a stylish black blazer and high heel boots, carrying a Louis Vuitton purse. She posed for photos beside the court coat of arms and told media she was planning to move to Toronto. <\/p>\n

The sale of some Hudson\u2019s Bay leases comes after the storied department store filed for creditor protection in March, a few months shy of its 355th birthday. In the months after, it looked for a buyer who could keep some semblance of the retailer alive, but the search was fruitless. <\/p>\n

By June 1, all 80 Bays and 16 stores run under the Saks brands closed, putting their leases up for grabs. A dozen bidders made offers on a collective 39 properties. <\/p>\n

Liu, who made her money in China\u2019s real estate market, wound up winning the leases at three malls she runs because her bid had a superior value and terms, the Bay has said. <\/p>\n

Liu wants to use the properties to open a chain of modernized department stores she will name after herself. She has told The Canadian Press they will sell makeup, jewelry and apparel but will also have play spaces for children, dining areas and entertainment space. <\/p>\n

She expects to spend more than $30 million to revamp the spaces at her malls to accommodate her Ruby Liu stores. <\/p>\n

And that\u2019s just the beginning. The Bay has reached a deal with her for 25 more leases belonging to it and its sister Saks companies. <\/p>\n

Anyone who made an offer for leases had to make a deposit of 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million, in addition to $6 million for the three approved leases, which would equate to a purchase price of $100 million for 28 leases. <\/p>\n

\u201cThat is not really a business plan, that is a full-circle investment,\u201d Liu\u2019s lawyer Ward said in recommending the court accept the three-lease deal. <\/p>\n

The remaining 25 leases are in Alberta, B.C. and Ontario properties she doesn\u2019t own. The Bay has yet to seek court approval for the arrangement, but landlords for the spaces are overwhelmingly opposed to her moving in. <\/p>\n

Court documents filed last week show landlords representing 23 leases in a group of 25 Liu wants to purchase won\u2019t approve her plan. <\/p>\n

\u201cWe actually think it is 25 of 25 that have objected,\u201d David Bish, a lawyer for landlord Cadillac Fairview, told the judge in court on Monday. <\/p>\n

He said his client and others have been provided with no copies of Liu\u2019s bid and little information about her plan. <\/p>\n

\u201cThe process has been very troubled,\u201d Bish said. <\/p>\n

\u201cAt some point, we may discuss, if there is a forced assignment, how troubled it has been.\u201d <\/p>\n

Lawyers for Oxford Properties and Primaris echoed his comments. <\/p>\n

Since it became clear that Liu\u2019s 25-lease transaction was facing opposition, she and her staff have been on a charm offensive. <\/p>\n

They launched a petition asking the public to support their goal. It had about 330 signatures as of Monday morning. <\/p>\n

They also published a public letter from Liu, who said her quest to own the Bay\u2019s leases is about reimagining retail and finding a way to give back to a country that gave her a new life. <\/p>\n

Liu admitted her task \u201cwon\u2019t be easy.\u201d She said some, including her own family, have questioned her and whether she will spend her whole fortune on the venture. <\/p>\n

\u201cTo me, this isn\u2019t a gamble. It\u2019s not just about money or profit,\u201d she wrote. \u201cIt\u2019s about building something meaningful \u2014 a space full of life, where people can reconnect in the real world.\u201d <\/p>\n

Liu had bid on owning the Bay\u2019s name and trademarks but says she backed down after realizing she would have to continue to increase her offer to compete with Canadian Tire, which ultimately won the right to buy the intellectual property for $30 million. <\/p>\n