Court monitor says it doesn’t support Hudson’s Bay plan to sell leases to Ruby Liu

The court-appointed monitor overseeing Hudson’s Bay’s creditor protection case says it’s against landlords being forced to accept a B.C. billionaire’s plan to buying more than two dozen of the retailer’s leases.

In a new court filing made overnight, Alvarez & Marsal says it does not agree that landlords should be forced to accept Ruby Liu as a tenant even while it says it supports the sales process that ended with her chosen to buy 28 of the Bay’s leases.

Liu purchased three Bay leases at her own B.C. malls for $6 million, but her deal to buy the other 25 for $69.1 million has faced opposition from one of the retailer’s biggest lenders and most of its landlords.

They say the leases don’t allow for the dining, entertainment and recreational spaces Liu has talked about opening within the department stores she will operate in the properties.

They also say Liu’s timelines and budgets are too unrealistic given the amount of work and repairs their properties need.

Liu says she doesn’t think the spaces need all of the repairs landlords are demanding because the Bay was operating in the spaces without the renovations. If they are necessary, she says her company will do them, even if they exceed her current budget.

This report by The Canadian Press was first published Aug. 21, 2025.