Billionaire Ruby Liu’s attempt to acquire up to 25 Hudson’s Bay leases faced a setback in court as she appeared without legal representation or supporting documents. The hearing was adjourned by Judge Peter Osborne, who emphasized the importance of Liu hiring a lawyer to present her plans for the lease acquisition.
Liu had signed agreements in May to purchase 28 leases in Alberta, B.C., and Ontario from the defunct retailer Hudson’s Bay. While she already acquired three leases in B.C., the remaining 25 are pending approval from other landlords who have expressed concerns over the lack of detailed business plans from Liu.
Documents revealed that Bay lender Restore Capital LLC planned to challenge the 25-lease deal, citing economic concerns. The delay in approval was highlighted as detrimental to Restore’s interests, incurring substantial costs monthly.
In response to criticisms and legal challenges, Liu expressed readiness to engage with the process, stating her intention to hire a new lawyer after parting ways with previous legal representatives. Liu maintained that she had shared her plans with landlords and was prepared to proceed with opening the stores.
Despite facing opposition from landlords and lenders, Liu’s offer was chosen by Hudson’s Bay due to favorable terms, including a significant deposit. However, landlords raised doubts about Liu’s capabilities to manage department stores effectively.
The ongoing dispute between Liu, stakeholders, and landlords underscores the complexity of the situation. While the Bay argues in favor of the deal as a means to recover funds for creditors, dissenting parties advocate for increased oversight and potential receivership.
As the legal battle continues, it remains uncertain how the acquisition of Hudson’s Bay leases by Ruby Liu will unfold, with conflicting interests and concerns from various stakeholders shaping the outcome.