A B.C. billionaire’s bid to acquire former Hudson’s Bay properties faces a setback as an Ontario court ruling denies her tenancy.
Superior Court Judge Peter Osborne has decided that landlords are not obligated to accept Ruby Liu as a tenant, citing concerns about her ability to fulfill lease obligations.
Prominent landlords such as Cadillac Fairview, Oxford Properties, and Ivanhoe Cambridge opposed Liu’s purchase of 25 Hudson’s Bay leases for $69.1 million, casting doubt on her experience as a retail entrepreneur and the feasibility of her ambitious plan to open 20 new spaces within 180 days.
Liu, who intended to launch a new department store chain bearing her name, defended her capabilities by pointing to the success of her existing malls. However, challenges arose as doubts surfaced regarding her financial commitments and the sustainability of her funding sources.
Despite claiming that her B.C. malls could provide financial support, concerns were raised about their profitability, with reports indicating significant financial losses in recent years.