As part of the ongoing corporate restructuring following its March 2025 bankruptcy declaration, Hudson’s Bay has agreed to assign up to 28 store lease locations in Ontario, Alberta and British Columbia to Ruby Liu Commercial Investment, a corporation indirectly controlled by billionaire Canadian mall owner Ruby Liu. An affiliate of the purchasing company is an existing landlord at three of the leased locations in British Columbia, which are included in the transaction.
Liu is reportedly planning to launch a new department store concept aimed at a broad, multicultural Canadian audience, according to reporting in Retail Insider and other media outlets.
The agreement is part of a previously announced lease monetization process that has been approved by the Ontario Superior Court of Justice, which is overseeing the Hudson’s Bay reorganization under Canada’s Companies’ Creditors Arrangement Act (CCAA). Earlier this month, Hudson’s Bay sold its intellectual property, including HBC Stripes and other brand assets, to Canadian Tire for $30 million ($21.7 million USD).
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