A B.C. Billionaire’s Bid for Former Hudson’s Bay Locations Hits a Roadblock
The sought-after former Hudson’s Bay locations, desired by B.C. billionaire Ruby Liu, will not be acquired as planned. Franco Perugini, HBC’s senior vice-president of real estate and legal, has disclosed that the retail giant is relinquishing the leases for the 25 properties that Liu had set her sights on.
This move stems from a legal process known as a disclaimer, which allows a lease to be terminated prematurely, absolving the tenant from rent payments and property maintenance obligations.
Pending no objections from landlords, HBC’s leases on these properties are slated to be officially terminated on November 27. The retail chain vacated 80 stores and an additional 16 under the Saks banner earlier this year after seeking creditor protection.
Liu had attempted to purchase the leases for $69.1 million, but faced a setback as a judge intervened and blocked the sale. The judge concurred with landlords who deemed Liu unsuitable to establish and operate a new department store in the properties.