B.C. billionaire Ruby Liu secured permission from Ontario Superior Court to take over leases for former Hudson's Bay locations in Vancouver and surrounding areas for $6 million. Liu aims to convert them into modernized department stores, signaling her ambitious retail plans amidst the backdrop of Hudson's Bay's recent bankruptcy and closure of its numerous stores. Liu's winning bid was deemed superior in value and terms, indicating her strong belief in the venture's potential amidst ongoing challenges. The court ruling represents a key step for Liu's retail empire aspirations.
"She is contributing millions of dollars of real value to the Companies' Creditors Arrangement Act process," said David Ward, a lawyer representing Liu. "She is betting on herself."
Earlier that morning, she arrived clad in a stylish black blazer and high heel boots, carrying a Louis Vuitton purse.
The sale of some Hudson's Bay leases comes after the storied department store filed for creditor protection in March, a few months shy of its 355th birthday.
Liu, who made her money in China's real estate market, wound up winning the leases at three malls she runs because her bid had a superior value and terms.
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