TORONTO — Hudson's Bay is planning to sell up to 28 of its store leases to Ruby Liu, a British Columbia mall owner, who aims to establish a "new modern department store." The announcement was made on a Friday, as the iconic Canadian retailer seeks court approval for Liu to acquire a group of leased properties in Alberta, British Columbia, and Ontario, which were historically managed by Hudson's Bay and its sister brand, Saks.

The company, which filed for creditor protection in March 2025 and is currently working to liquidate its stores, did not disclose the financial details of Liu's offer nor the specific locations involved in the lease acquisition. However, it was noted that three of the leases in question pertain to malls Liu owns in British Columbia.

Hudson's Bay operates 96 retail locations in prime shopping districts across Canada. Collectively, these properties cover hundreds of thousands of square feet. Liu, a serial investor and chairwoman of Central Walk, a retail investment firm, revealed her intentions through a press release, stating the new department store will focus on "bridging the gap between generations" and providing "immersive shopping experiences." Liu emphasized her commitment to employing former Hudson's Bay employees and prioritizing suppliers who previously worked with the retailer.

In a promotional video on the Chinese social media platform RedNote, Liu was seen in a boardroom signing an agreement for the leases and celebrating with colleagues. Earlier that week, she showcased a logo for the new department store, featuring the name "Liu" stylized on a ruby along with the words "New Bay" underneath. In her video, she encourages viewers to visit her future store.

Liu's original vision post-Hudson's Bay's creditor protection filing was to "restore the Bay to its glory" by operating 25 of its stores. However, this plan faced complications when Hudson's Bay reached a $30 million agreement with Canadian Tire, entitling them to the rights of the name "Bay," its iconic stripes motif, coat of arms, and various brands. This arrangement would mean Liu cannot transform any leased locations into Bay stores without securing a licensing agreement with Canadian Tire, which has yet to comment on Liu's intended use of the Bay name.

Additionally, Liu will need the approval of landlords who currently own the leased assets. These landlords were not involved in the lease sale process and may argue for their right to influence who occupies their properties. They could also impose similar terms that Hudson's Bay and Saks had to meet, which may include operational hours and business regulations for Liu's new store.

Though she is not widely recognized across Canada, Liu has established a presence in British Columbia and possesses retail experience as the board chairwoman of Central Walk. Central Walk owns several malls in the region, including Tsawwassen Mills, Mayfair Shopping Centre, and Woodgrove Centre, all of which currently host Hudson's Bay or Saks locations. It's unclear how Liu will finance the lease purchases, especially as the Woodgrove mall was recently listed for sale by Colliers.

Liu's financial background appears promising. A 2023 interview showcased her affluent lifestyle, which includes a lavish estate in West Vancouver and ownership of a golf course. She also made headlines by parading her luxury vehicles, including a Rolls-Royce and a Lamborghini, in videos where she interacts with her malls.

As Liu moves forward with plans to acquire up to 28 leases from Hudson's Bay, the retailer still has many properties available for potential bidders. Recent court filings indicated that 12 parties expressed interest in a total of 39 leases, with some competing for the same sites. While Canadian Tire has been identified as one of the bidders, Hudson's Bay has stated it is still negotiating with other interested parties and plans to provide updates as needed.