Overview

• Hudson’s Bay has agreed to sell up to 28 store leases to Ruby Liu, a B.C.-based investor and chairwoman of Central Walk, pending court and landlord approvals.
• The leases, located in Alberta, British Columbia, and Ontario, include high-traffic properties previously held by Hudson’s Bay and its sister brand Saks.
• Liu plans to utilize the acquired leases to create a new modern department store chain focused on immersive shopping experiences and community appeal.
• The agreement follows Hudson’s Bay’s liquidation of its stores and sale of intellectual property to Canadian Tire, which restricts Liu’s use of the Bay branding without a licensing deal.
• Twelve parties competed for 39 lease locations, with Liu emerging as the lead bidder; discussions with other bidders for remaining leases are ongoing.