B.C. billionaire loses court fight to take over Hudsons Bay properties

An Ontario court ruled against B. C. billionaire Ruby Liu, denying her attempt to lease 25 former Hudson’s Bay properties. Superior Court Judge Peter Osborne sided with landlords who doubted Liu's ability to fulfill lease obligations, citing concerns over her experience and financial backing. Major landlords, including Cadillac Fairview and Ivanhoe Cambridge, opposed Liu's plan to open at least 20 retail spaces within 180 days, labeling it unrealistic.

Liu maintained that her ownership of three malls proved her capability and claimed opposition stemmed from her being an outsider. However, KingSett Capital's lawyer argued that Liu's proposed $400 million investment lacked credibility, noting that much of her capital was tied up in international ventures without binding commitments. Liu's malls, which collectively lost about $19 million in 2023 and 2024, raised further doubts about her financial viability. The court's decision highlights the obstacles facing new retail entrants in a competitive market. Liu's aspirations to establish a new department store chain now face significant hurdles.