.jpg)
7 hours ago
2
Article content
TORONTO — Hudson’s Bay is returning its former stores to landlords, effectively ending a B.C. billionaire’s fight to take over the collapsed retailer’s leases.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Franco Perugini, HBC’s senior vice-president of real estate and legal, said in a Monday email to The Canadian Press that the company is disclaiming the leases it had for 25 properties Ruby Liu tried to buy.
Article content
Article content
A disclaimer is a legal mechanism that ends a lease before it expires and thus, releases the tenant from obligations like paying rent or maintaining the property.
Article content
Article content
As long as no landlord objects to the disclaimer, Perugini says the HBC leases will be terminated Nov. 27.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Linda Qin, a spokesperson for Liu, did not immediately respond to a request for comment about the disclaimers.
Article content
HBC moved out of its 80 stores and 16 more under its Saks banners over the summer after filing for creditor protection and liquidating its merchandise.
Article content
When it put its leases up for sale, Liu stepped forward to buy up to 28. She hoped to use them to open a new department store named after herself.
Article content
HBC was on board with the plan. It speedily got court approval for her to purchase three in B.C. malls she owned _ Woodgrove Centre, Mayfair Shopping Centre and Tsawwassen Mills.
Article content
The remaining 25 were hotly contested. Landlords didn’t want to accept Liu, who was offering $69.1 million for the leases, as a tenant because they argued her business plan was insufficient and she was too inexperienced.
Article content
Liu maintained she had what it would take to assume the leases and offered to pour millions into hiring, buying inventory and renovating to rehabilitate the sites.
Article content
HBC was insistent the sale happen. After all, it has a lengthy list of creditors who were owed about $1.1 billion when its wind down began and Liu was one of their best shots at recovering some of that cash.
Article content
However, last month HBC lost its fight when a judge sided with the landlords. He said he had “significant concerns” about Liu’s ability to meet the terms of the leases she wanted.
Article content
Following the ruling, HBC did not say whether it would appeal the decision, but the lease disclaimer indicates it will not continue to fight for the sale.
Article content
This report by The Canadian Press was first published Nov. 3, 2025.
Article content
English (US)