B.C. billionaire Ruby Liu lost court approval to take over 25 former Hudson’s Bay leases in Ontario due to unrealistic plans and lack of experience.

B.C. billionaire Ruby Liu has lost a court battle to secure 25 former Hudson’s Bay leases in Ontario, with Judge Peter Osborne ruling her proposal lacked credibility due to insufficient business planning, an inexperienced leadership team, and failure to meet key conditions. Despite incentives offered by Hudson’s Bay, including price reductions and deadlines to hire specific advisors, Liu did not fulfill requirements, and her plan was deemed unrealistic, particularly her 180-day timeline to reopen stores. Major landlords opposed the transfer, citing concerns over her retail experience and financial viability. The court upheld their objections, rejecting her bid under Canada’s Companies’ Creditors Arrangement Act, which allows lease assignments only when a buyer is deemed appropriate and financially capable. The decision preserves landlord control over the properties, potentially enabling redevelopment or subdivision, and marks a significant setback for Liu’s plan to launch a new department store chain using former HBC locations. Neither side has announced plans to appeal.