Hudson’s Bay landlords back in court arguing that Ruby Liu has insufficient funds

British Columbia billionaire, Ruby Liu, is in the spotlight once again as she faces off against Hudson’s Bay landlords in court. The dispute revolves around Liu’s plans to purchase 25 more leases from the iconic department store chain for a total of $69.1 million. Her goal is to transform these locations into new retail spaces under her own brand.

Liu has already acquired three Bay leases in malls that she owns, but the landlords are questioning her ability to fund her ambitious venture. According to a lawyer representing one of the landlords, KingSett Capital, Liu lacks the necessary cash reserves to support her $400 million investment in the new chain. The lawyer, Matthew Gottlieb, alleges that Liu has not provided a personal guarantee for the funds and that much of her remaining assets are tied up in international companies that have not committed to backing her project.

Furthermore, Gottlieb points out that the three malls owned by Liu in British Columbia – Woodgrove Centre in Nanaimo, Mayfair Shopping Centre in Victoria, and Tsawwassen Mills in Delta – have collectively incurred losses of $19 million in the past two years. He suggests that if Liu’s other companies had earned interest on loans provided to these malls, they would be facing insolvency.

The outcome of this legal battle will have significant implications for both Liu and the future of retail in British Columbia. Stay tuned for updates as the case unfolds in court.