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4mo ago

Ruby Liu Secures Court Approval for Three Former Hudson’s Bay Leases

Her investment marks the first step in a plan to build a 28-lease retail chain under her own brand despite landlord objections.

B.C. mall owner Weihong Liu received court approval to take over three Hudson's Bay leases.
Ruby Liu is shown leaving court in Toronto on Monday. The eccentric B.C. billionaire is looking to turn Hudson’s Bay’s old digs into her own retail empire.
Ruby Liu, chairwoman of Central Walk, poses in this undated handout photo.

Overview

  • Ontario Superior Court judge Peter Osborne granted Ruby Liu’s $6 million bid to acquire the leases at Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre.
  • Liu intends to convert the former Hudson’s Bay spaces into Ruby Liu stores featuring retail, dining, entertainment and children’s play areas.
  • She has deposited $9.4 million toward 25 additional leases and agreed preliminary terms that value her expansion at roughly $100 million for 28 properties.
  • Landlords representing 23 of the 25 additional leases have formally objected and indicated they will resist any forced assignment order.
  • Hudson’s Bay filed for creditor protection in March, shut all of its stores by June 1 and is changing its name after selling its intellectual property to Canadian Tire for $30 million.