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2w ago

Landlords Challenge Ruby Liu’s Bay Lease Acquisition in CCAA Dispute

Formal objections from most property owners have pushed the lease sale into a CCAA ruling, leaving monitor approval, tenant suitability, lease appropriateness to determine the outcome.

A person checks out the store closing advertising at the Hudson's Bay in Toronto, on Friday, May 30, 2025.
Billionaire Ruby Liu listens during an interview at a former Hudson's Bay-owned Saks Off 5th department store after a "handover ceremony" where she received the keys to the space at Tsawwassen Mills shopping mall that she owns, in Tsawwassen, B.C., on Thursday, June 26, 2025. THE CANADIAN PRESS/Darryl Dyck
Billionaire Ruby Liu listens during an interview at a former Hudson's Bay-owned Saks Off 5th department store after a "handover ceremony" where she received the keys to the space at Tsawwassen Mills shopping mall that she owns, in Tsawwassen, B.C., on Thursday.

Overview

  • Ruby Liu has deposited $15.4 million toward a proposed $100 million purchase of up to 28 Hudson’s Bay and Saks Canada store leases.
  • Three leases in B.C. malls owned by Liu transferred without issue, but landlords for 23 of the remaining sites have filed formal objections.
  • Landlords report having had no productive discussions and criticize Liu’s as-is lease offer for omitting her plans for dining, entertainment and fitness features.
  • Under Canada’s Companies’ Creditors Arrangement Act, courts must consider monitor support, tenant suitability and lease appropriateness when ordering assignments.
  • Court-appointed monitor Alvarez & Marsal has not yet revealed its position, while landlords note they could reclaim anchor spaces to negotiate higher rents or pursue redevelopment if assignments fail.