Hudson’s Bay to sell 28 leases to Ruby Liu for new department store concept

Hudson’s Bay has entered into a definitive agreement to sell up to 28 retail leases across Ontario, Alberta, and British Columbia to Ruby Liu Commercial Investment Corp, a company indirectly controlled by entrepreneur Ruby Liu. 

The assigned locations are expected to serve as the foundation for a new, modern department store concept Liu plans to launch in Canada. An affiliate of Liu’s company already serves as landlord at three of the British Columbia locations included in the transaction.

The agreement is part of a lease monetization strategy previously approved by the Ontario Superior Court of Justice, under which Hudson’s Bay invited qualified bids for its retail leases. Discussions are ongoing with other qualified bidders for the company’s remaining leases.

Hudson’s Bay sought creditor protection in March and began liquidating its 79 stores across Canada. All Hudson’s Bay and Saks Fifth Avenue locations are expected to close by June 15.

Earlier this month, the company also announced the sale of its intellectual property portfolio including the iconic HBC Stripes and related brand assets to Canadian Tire Corporation.