Ruby Liu to take over Hudson’s Bay store leases at her three B.C. malls
It should also be noted that earlier this year — shortly after HBC’s imminent demise became apparent, and around the same time Liu made public her intention to acquire a significant number of the retailer’s leases — Central Walk listed Woodgrove Centre for sale.
The buyback of the three HBC leases at Central Walk-owned mall locations carries a total cost of $6 million or $2 million per location.
According to an affidavit attached to the motion by HBC’s CFO Michael Culhane, Central Walk’s offer was deemed the “highest and best” among the bids received by the May 1, 2025 deadline. The bid was also backed by the landlords of the three shopping centres — each affiliated with Central Walk — and key secured creditors.
“The Applicants believe that the consideration paid by Central Walk for the assignment of the CW Leases is fair and reasonable and represents the highest and best offers received within the marketing process for the CW Leases, and the relief sought is supported by the CW Landlords,” reads the affidavit.
“If approved, the Transactions will also result in a reduction of Landlord claims against the estate of the Company that would otherwise arise from the disclaimer of the CW Leases.”
Aerial of Tsawwassen Mills. (Associated Engineering & Associated Environmental)
Woodgrove Centre mall in Nanaimo. (Colliers International)
The transaction for the three leases at her malls also involves a $600,000 deposit specific to the lease assignment and leverages an additional $9.4 million deposit Central Walk placed for a separate pending deal involving up to 25 other Hudson’s Bay lease locations.
This is based on the bidding process’ requirement that a 10 per cent deposit be paid for shortlisted bids invited to advance into detailed negotiations, which would mean Liu is willing to spend as much as $94 million to acquire the leases — not including the considerable investment she would need to spend on future tenant improvements and other costs to establish her own department store chain.
In late May 2025, she announced her intent to open a new modern department store chain at 28 former HBC locations, after signing a definitive agreement with HBC to acquire select former store locations in B.C., Alberta, and Ontario. This is subject to court and/or landlord approval.
As part of its new court filing, Hudson’s Bay is also seeking approval to seal a confidential appendix outlining the economic terms of competing bids received during the lease marketing process. A report from the court-appointed monitor detailing its assessment of the lease transfer is expected to be filed in support of the motion.
Additionally, the retailer is requesting amendments to a previous court order to allow several affiliated entities to change their legal names to eliminate any confusion with the Hudson’s Bay brand. This stems from a prior asset purchase agreement with Canadian Tire, which reached a deal worth $30 million to buy Hudson’s Bay branding and intellectual properties.
After a months-long liquidation process that first began in late March 2025, Hudson’s Bay permanently shuttered all of its locations and laid off over 8,000 workers in early June 2025. The process to dispose and extract the maximum possible value from all of the company’s assets is expected to wrap up this summer.
Hudson’s Bay entered Companies’ Creditors Arrangement Act (CCAA) protection in March 2025, citing ongoing financial pressures from the decline of in-person retail, pandemic aftershocks, and broader economic challenges.
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