Overview

• Alvarez & Marsal told the court it does not support compelling landlords to take Ruby Liu as a tenant, though it backs the sales process that selected her for 28 leases.
• Liu has closed three B.C. leases for $6 million and seeks court approval to be assigned 25 more for $69.1 million, a proposal opposed by a major lender and most landlords.
• The monitor’s review flags Central Walk as a start-up with no retail track record and notes limited experienced leadership, including only brief consulting by a former Hudson’s Bay president.
• In recent testimony, Liu acknowledged her business plan was translated into Mandarin only shortly before a hearing and that she no longer plans to use J2 for inventory management without naming a replacement.
• Liu aims to open 19 stores within six months and the rest within a year with $120 million for repairs, while landlords dispute permitted uses and argue her timelines and renovation budgets are unrealistic; a two-day hearing before Justice Peter Osborne is scheduled next week.