Hudson's Bay hopes to sell up to 28 leases to B.C. mall owner

The Canadian Press

· Posted: May 23, 2025 9:09 PM EDT | Last Updated: 7 hours ago

Hudson's Bay plans to merchantability up to 28 of its store leases to a B.C. promenade proprietor who wants to motorboat "a caller modern section store."

Canada's oldest institution said Friday it volition question tribunal support for Ruby Liu to instrumentality implicit a radical of properties the section store and its sister Saks businesses leased successful Alberta, B.C. and Ontario.

The company, which filed for creditor extortion successful March and is successful the process of liquidating each of its stores, did not accidental however overmuch wealth Liu has offered for the properties, nor did it sanction each of the circumstantial locations involved.

However, it said 3 of the leases she wants are for properties successful the B.C. malls she owns.

Leases successful premier shopping spots

Hudson's Bay and Saks lease 96 sites successful immoderate of the country's astir desirable and high-traffic buying districts. Many of the properties are tremendous spaces, collectively spanning hundreds of thousands of quadrate feet.

WATCH | Canadian Tire buys Hudson's Bay branding:

A news release from Liu, an investor who owns 3 B.C. malls, said the concern she intends to physique volition beryllium focused connected "bridging the spread betwixt generations, providing immersive buying experiences, and becoming a destination wherever each property groups thrive together."

She promised to prioritize erstwhile Bay employees erstwhile hiring and said she volition besides springiness suppliers and vendors who worked with the institution precedence erstwhile selecting partners for the business.

In the lead-up to the announcement, videos posted connected Chinese societal media level RedNote connected Friday showed Liu successful a committee room, signing an statement for the leases and past cheering and popping champagne with colleagues.

Earlier successful the week, she utilized the level to shows disconnected a logo for the section store she wants to run. It features the sanction "Liu" connected a ruby with the words "New Bay" underneath.

"You spot this logo, right? Next clip you spot it, I anticipation you volition halt by and enactment my store," she said in Mandarin successful the video portion speaking to a tiny radical of radical signaling her connected their phones.

Liu's archetypal plan, announced aft Hudson's Bay filed for creditor extortion successful March, was to "restore the Bay to its glory" by operating 25 of its stores.

Canadian Tire's move

That program deed a snag earlier successful the month, erstwhile Hudson's Bay reached a $30-million woody with Canadian Tire for ownership of the Bay name, its famed stripes motif, its overgarment of arms and respective of its brands.

WATCH | Hudson's Bay to sell off remaining merch:

Friday's agreement, which inactive needs tribunal approval, would forestall Liu from turning immoderate sites she is capable to lease into Bay stores unless she comes to a licensing woody with Canadian Tire. Canadian Tire did not person a remark connected Liu's apparent use of the Bay name.

Also lasting successful her mode could beryllium landlords, who volition request to hold to the deal.

They were not portion of the process that decided who to merchantability leases to and thus, whitethorn reason they should person immoderate accidental successful who moves into their properties.

The landlords could besides compel Liu to conscionable the aforesaid presumption Hudson's Bay and Saks agreed to. Those presumption whitethorn dictate the benignant of concern she tin tally successful the spaces and adjacent what hours it would beryllium allowed to open.

Reached Friday aft the announcement, lawyers for landlords including Cadillac Fairview, Ivanhoe Cambridge II Inc. and Jones Lang LaSalle Inc., said they had nary remark due to the fact that they were inactive awaiting much details of the deal.

An capitalist with retail experience

While Liu is small known successful overmuch of Canada, she's a much acquainted property successful B.C and has immoderate retail experience.

She is the committee chairwoman of Central Walk, a retail concern institution that owns British Columbia malls Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre. They each location Hudson's Bay oregon Saks stores. Central Walk besides runs Arbutus Ridge Golf Course.

She hasn't said however she volition money the acquisition of immoderate leases, but the Woodgrove promenade successful Nanaimo, B.C., was precocious listed for merchantability done Colliers.

Liu besides appears to person plentifulness of idiosyncratic spot to gully connected for wealth. A 2023 interview, conducted with Chinese media outlet 56 Below TV, shows disconnected an opulent West Vancouver location connected a gated property with a pool, location theatre and a throne she said was a replica of the 1 belonging to the Queen of England.

In the interview, she besides mentions owning a Rolls-Royce, a Lamborghini and a Mercedes-Benz. She visits astir a play people and rides a petite babe bluish car astir 1 of her malls.

With Liu connected way to person 28 leases, Hudson's Bay inactive has plentifulness of properties available.

Twelve parties made bids for a full of 39 leases, with immoderate bidders making a play for the aforesaid locations, caller tribunal filings person said.

Hudson's Bay has said 1 of the bidders is Canadian Tire, but has not disclosed however galore properties it wants.

In its Friday property release, the Bay said it remains successful discussions with different bidders and "will pass the result of those discussions, arsenic appropriate, successful the future."