Entrepreneur and real estate investor Ruby Liu says she’s not giving up — even after a major setback involving her plan to acquire dozens of Hudson’s Bay stores across Canada. A court-appointed monitor has confirmed that landlords representing 23 of 25 store leases have opposed her company’s proposed lease assignments, placing the future of the broader acquisition effort in jeopardy. Despite the rejection, Liu remains firm in her belief that she can help reinvent Canada’s struggling department store sector.
According to the Fifth Report of the Monitor, Alvarez & Marsal Canada Inc., landlords for the majority of the leases included in an Asset Purchase Agreement signed by Ruby Liu Commercial Investment Corp. in May have declined to consent to the lease transfers. These leases span key shopping centres in Ontario, Alberta, and British Columbia and were positioned to form the backbone of Liu’s new department store concept.
Following landlord meetings during the week of June 2, legal representatives for 23 properties wrote to the Monitor or to Hudson’s Bay counsel expressing opposition to the assignments. While the Liu team is continuing to provide further disclosures in hopes of turning the tide, the Monitor noted that the landlords have signaled clear resistance, at least for now.
A Vision That Extends Beyond Profit
Despite the rejections, Liu released a powerful personal statement through her company’s social media channels, defending her decision and doubling down on her long-term vision.
“I’m nearing sixty, and once again, I’ve chosen the road few dare to take,” Liu wrote. “Many have questioned my decision. Some say it’s reckless… But I don’t see this as a gamble.”
Liu described her plan not as a commercial play, but as a mission to revitalize Canada’s retail environment — one she views as increasingly disconnected from the communities it once served.
“This isn’t just about capital or profit. It’s about building something meaningful — something vibrant, fresh, and full of life. A place where young people can step out of the digital haze and rediscover genuine human connection.”
Her statement underscores a broader critique of Canadian shopping centres, which she argues have become stale and uninspired. She envisions multi-purpose destinations combining shopping, dining, and cultural experiences — environments that invite people back into physical spaces at a time when much of life has moved online.
Ruby Liu’s Bid for HBC Leases
The transaction at the centre of the current dispute involves 25 Hudson’s Bay store leases that Liu hoped to acquire through a court-approved lease monetization process. While the identities of the specific properties have not been publicly disclosed, the Asset Purchase Agreement was signed in tandem with a separate, more advanced agreement covering three Hudson’s Bay locations in British Columbia: Tsawwassen Mills, Mayfair Shopping Centre in Victoria, and Woodgrove Centre in Nanaimo. Those three leases are already owned by Central Walk — the property group chaired by Liu — and are expected to proceed, with court approval sought on June 23.
The Monitor confirmed that Liu’s $6 million offer for the three BC leases represented the highest value among all bids submitted through the formal lease solicitation process.
Limited Bidding and Widespread Lease Disclaimers
The broader Lease Monetization Process, overseen by brokerage firm Oberfeld Snowcap, failed to attract widespread interest. Of 96 Hudson’s Bay and Saks-affiliated stores nationwide, only 12 parties submitted qualified bids covering 39 locations. A full 62 leases received no offers.
To date, 59 leases have been disclaimed, with store closures and property turnover continuing through late June. The Monitor’s filings suggest that, aside from Liu’s three approved leases and one or two additional transactions under negotiation, most of the Hudson’s Bay retail footprint will be relinquished to landlords.
Liquidation Generates Strong Returns, Employees Receive Support at Court Appoints Counsel
The company’s store liquidation, completed on June 1, generated over $509.9 million in gross receipts. This included $349.3 million in owned merchandise sales, $104 million in consignment sales, $43.9 million in additional goods, and $12.7 million in FF&E sales. While merchandise performance exceeded expectations, FF&E returns fell short, and cleanout work remains ongoing in several locations.
The Court has formally appointed Ursel Phillips Fellows Hopkinson LLP as Employee Representative Counsel, with over 14,500 active and former workers now represented. Only 68 opted out. The Court has also issued a WEPPA Declaration Order, clearing the way for unpaid wage and severance claims to be filed with Service Canada.
A seven-member employee committee has also been constituted to provide input and direction to counsel as the restructuring proceeds.
Corporate Name Change on the Horizon Following Canadian Tire Deal
The Court previously approved the sale of Hudson’s Bay’s intellectual property to Canadian Tire Corporation, with a closing date expected on June 24, 2025. As part of the agreement, Hudson’s Bay entities will be required to formally change their corporate names to avoid brand confusion. Articles of amendment will be filed following transaction completion.
Cash Flow Stronger Than Forecast
From May 3 to June 13, the company reported net positive cash flow of $54.8 million, with a closing balance of $131.9 million, far exceeding the forecasted $82.5 million. This was attributed to higher liquidation sales and delayed disbursements. The company also made significant payments to its ABL and FILO lenders during the period.
Liu’s Resolve: “What I Fear Most Is Never Having Tried”
Liu’s statement ends not with defiance, but with a quiet confidence rooted in resilience. She reflects on her immigrant journey, her contributions to Canada, and her belief in creating a new future rather than waiting for permission to join the old one.
“My life has always been a battle. I’m not afraid to lose. What I fear most is never having tried,” she wrote. “So I choose to keep going. To stay bold. To keep moving forward with conviction.”
Liu acknowledges that she may never be accepted by what she calls the “mainstream,” but she sees that as an invitation to create a new one — one that reflects the diversity, courage, and creativity of modern Canada.
“I’m not here to defeat anyone. I’m here to build something better.”
With court hearings scheduled for June 23, the next chapter of Ruby Liu’s retail endeavour will soon unfold. For now, her words — and her refusal to walk away — offer a clear message: this fight is far from over.
Look how target and Nordstrom failed.
I hope ruby is successful.
That’s probably why they have concerns this woman wants to bulid bay like stores that are more Asian with no experience operating a store (at best she’ll open one in one of her malls and that will be that )
Good for her. It’s her money and then a landscape that is just sadly gone downhill. I give her credit for trying and good luck to her
I don’t blame the landlords. She’s trying to scoop highly discounted space to build a mall within a mall thereby threatening all the other mall tenants.
I have many years of experience in retail, Lord and Taylor, Saks, Walmart, and stores you’ve never heard of. I can look at her plans and can guarantee that her vision will not work.
It’s not like TNT which attracts an almost all Asian clientele and they do their best, which is not enough.
Thanks David, but since you’re just some random guy with “years of retail experience”, not unlike thousands of other retail workers, I very much doubt that you can guarantee anything. You may have mixed up the word “guess” with “guarantee”.
First, how diverse is her senior management team at Central Walk? Demonstrating this would lend credibility to her efforts. Her idea risks creating a monopoly within the mall, leaving other tenants struggling to survive. Since she owns three malls, why not start implementing her vision there while also developing a more inclusive business model? After all, just money alone doesn’t guarantee success. Experience and diversity at the senior decision-making level count.
I hope she is successful. From what I see from the renderings, her signage looks boring and outdated. THAT already can spell disaster as it looks cheap and uninviting, so the customer may not even want to walk inside the store to see what she has to offer that is different than what we seen in the past.
Look how successful IKEA, Canadian Tire, Walmart and Leons is… they know who their customer is and has what they want and advertise well to get the customer’s interest to come into the store and they will find what they are looking for. Most of the time, you can ask as associate for assistance.
I seriously think someone should reinvent the Canadian department store. Have exclusive Canadian made products that are sold in every province and territory in Canada. Have specialty food as well from our country that you can only find in this specialty department store. Enough with the same brand names you can find elsewhere in the mall for less. Do something different. That is what will bring people into your store. Have a modern, updated look. Make it so people can browse, spend time inside the store, gardens and water features and pop-up and trending merch that continuously changes so people have to keep coming back to see what’s new. Simple. Nobody seems to get it
Water fountains and plans don’t sell in retail these days.
To Carlo Gon, I totally agree. The name, logo and renderings ARE boring, outdated, cheap and very tackey! This probably will reflect what the store will look like inside…boring, outdated, cheap, tackey, flashy with items that are the same. I have worked in retail forever, the past 11 years with The Bay. We had clientele who enjoyed beautiful clothes and accessories and we enjoyed being part of their shopping experience and giving our loyal customers exceptional service and support , and delighted in the repore we shared with our regular and new clientele. These same people will not relate, enjoy, be part of or shop at this new concept. Ms. Liu wants to reach out the youth and the younger generation….then open an Arcade.
Everyone wants her to fail but no one else has stepped up. I guess they would rather these lots sit empty for years!
The landlords’ opposition is actually a strong point in Ruby Liu’s favour. Remember, these are some of the same brilliant minds who fell all over themselves to get Target Canada and Nordstrom Canada in their malls—-and think what fiascoes both those companies were. The landlords may claim that they don’t have confidence in Liu’s business plan, but they sure had confidence in Target and Nordstrom, and both of those retailers led by “experts” were utterly clueless in operating a business in Canada.