Hudson's Bay heads back to court for fight with lender over Ruby Liu deal

Tara Deschamps · The Canadian Press

· Posted: Jul 15, 2025 10:07 AM EDT | Last Updated: 2 hours ago

Hudson's Bay is headed backmost to tribunal Tuesday for a combat with 1 of its biggest lenders.

Restore Capital LLC volition inquire Judge Peter Osborne to terminate a woody betwixt the defunct retailer and B.C. billionaire Ruby Liu, who wants to bargain up to 25 of its leases.

The lender argues efforts to get landlords opposing the woody connected committee with it person truthful acold proven costly and unsuccessful, frankincense minimizing however overmuch it volition beryllium capable to retrieve from the collapsed retailer.

To assistance successful the Bay's upwind down, Restore wants the tribunal to name a "super monitor" to taxable the section store concatenation to adjacent much oversight.

WATCH | Who is Ruby Liu?: 

If the tribunal doesn't hold to a "super monitor" arrangement, Restore suggests appointing Richter Consulting Inc. arsenic a receiver.

The Bay said it doesn't request much oversight due to the fact that it's decently governed. It maintains the Liu woody is the champion changeable it has astatine recovering much currency for creditors.

In a filing made overnight, the show said it has written to Liu respective times reminding her of her obligations and asking for accusation that could beryllium utilized to get the tribunal to delegate her the leases adjacent without landlord approval.

The show said Liu has not meaningfully responded, provided landlords with much accusation that could get them onside oregon adjacent taken the astir basal and indispensable steps to beforehand her bid.

Liu has antecedently said she's provided landlords with accusation astir her plans to physique a section store successful their properties and believes they volition invited her if a tribunal assigns her the leases.

The show said pursuing approvals for the woody reached successful March is costing astatine slightest $4.7 cardinal successful rent, spot taxes, utilities and different fees each period and eroding Restore's collateral.

WATCH | Ruby Liu's Hudson's Bay vision: 

While it didn't powerfully advocator for much oversight, the show said it whitethorn beryllium due astatine immoderate constituent during the Bay's creditor extortion proceedings and it's prepared to measurement up, erstwhile necessary. The monitor's study besides revealed the Bay has respective different lease deals successful the works.

One has been reached with a landlord wanting to bargain its ain lease for little than $250,000.

A 2nd is with an unnamed third-party who wants up to 8 leases successful Ontario, Alberta, Saskatchewan and Manitoba. One lease was removed from the transaction but landlord approvals are inactive being sought.