Billionaire Ruby Liu is seen during an interview inside a former Saks Off 5th store at Tsawwassen Mills mall in B.C., shortly after receiving the keys to the space she now owns. The event marked the official handover of the property. (THE CANADIAN PRESS/Darryl Dyck)
A new legal twist has emerged between Hudson’s Bay Company (HBC) and British Columbia billionaire Ruby Liu, threatening a multimillion-dollar lease agreement that could reshape retail spaces across Canada. According to recent court documents, HBC has repeatedly warned Liu it may terminate their deal, forfeiting her hefty deposit.
Ruby Liu, known for owning three malls and a golf course in B.C., reached two agreements with HBC in May—just weeks after the struggling retailer sought creditor protection due to a crushing $1.1 billion debt. One of those deals, worth $6 million and involving three leases within Liu’s properties, has already been approved by the court. But the larger, more ambitious deal—covering 25 additional leases across Ontario, Alberta, and B.C.—is now hanging by a thread.
In a personal letter sent to Ontario Superior Court Justice Peter Osborne, Liu voiced concern over the fate of her $94 million agreement, revealing that HBC has "repeatedly threatened" to cancel the deal and seize her $9.4 million deposit. These statements were part of a 50-page filing entered into court records on Tuesday.
What’s stirring the pot further is Liu’s direct communication with the judge—an unusual move in legal proceedings. She sent two handwritten notes to Justice Osborne without her legal team’s involvement and against HBC’s advice. In her first note, Liu opened up about her background, her move from China to Canada, and her desire to "create brilliance" through the revival of these retail spaces. The second letter appealed for “justice,” attaching internal letters exchanged between HBC’s lawyers and Liu’s former legal team.
These letters show that HBC gave Liu several deadlines to secure critical support for the transaction—including hiring former HBC CEO Liz Rodbell as a consultant, KPMG as financial advisor, and legal representation from Miller Thomson. The company even offered Liu a $3 million discount on the deal if she used that amount to retain the required professionals. However, HBC alleges Liu failed to follow through.
Landlords who must approve Liu’s entry into their properties say they’re frustrated. According to court submissions by Cadillac Fairview, Oxford Properties, and Primaris, Liu has failed to offer key business details—such as her retail plans, supplier lists, or renovation budgets. A lone presentation Liu sent in June projected the opening of 20 stores within 180 days, but lacked specifics on vendors, design, or financial backing.
These gaps have left major property owners wary. They say Liu hasn’t meaningfully engaged or provided enough clarity to move forward. The court had asked HBC to officially file a motion supporting the lease transfer by Tuesday, but as of now, the deal remains in limbo.
To complicate matters, Liu’s direct communication with the judge prompted a stern warning from the Office of the Chief Justice. They reminded her that parties involved in ongoing cases should never contact judges directly. Any future communication of this nature, they stated, would be treated as harassment.
Despite these hurdles, Liu maintains her vision: transforming former Hudson’s Bay spaces into her own branded department stores that offer not just retail, but dining, entertainment, and leisure experiences. Whether she can still bring that dream to life now rests in legal limbo and on her ability to satisfy skeptical landlords and meet HBC’s expectations.
