Hudson’s Bay Seeks to Sell 28 Store Leases

Hudson’s Bay Co. (HBC/Toronto) is looking to sell up to 28 of its store leases in Ontario, Alberta and British Columbia, Canada to Ruby Liu Commercial Investment Corp., report the retailer and a variety of news sources. Ruby Liu’s said it wants to use the sites to launch “a new modern department store concept in Canada,” the HBC statement said.

Three of the leases Liu wants are for properties in the B.C. controlled by Central Walk, a commercial real estate that whose board chair is Liu, reports The Canadian Press. Those shopping complexes are Tsawwassen Mills Mall, near Vancouver; Mayfair Shopping Centre in Victoria; and Woodgrove Centre in Nanaimo.

Liu’s original plan, announced after Hudson’s Bay filed for creditor protection in March, was to “restore the Bay to its glory” by operating 25 of its stores, the Press noted. But that plan hit a snag earlier this month, when Hudson’s Bay reached deal to sell the Bay name, its famed stripes motif, its coat of arms and several of its brands to Canadian Tire.

Videos posted on Chinese social media platform RedNote last week showed Liu in a board room, the Press reports, signing an agreement for the leases and then popping champagne with colleagues. A few days previous, she used the same platform to shows off a logo for the department store she wants to run, features the name “Liu” on a ruby with the words “New Bay” underneath.

It was not immediately clear if such usage of “Bay” is permissible under the terms of the Canadian Tire pact, news sites reported. As of this posting, that company had not commented on Liu and her plans.

The deal for the 28 spaces is still subject to court approval, and HBC’s press release said it remains in discussions with other qualified bidders about the remaining 60-plus store leases it still possesses.