Hudson’s Bay Lender Asks Court to Terminate Retailer’s Deal With Billionaire Ruby Liu

Billionaire Ruby Liu listens during an interview at a former Hudson's Bay-owned Saks Off 5th department store after a "handover ceremony" where she received the keys to the space at Tsawwassen Mills shopping mall that she owns, in Tsawwassen, B.C., on June 26, 2025. THE CANADIAN PRESS/Darryl Dyck

A Hudson’s Bay lender is asking a court to cancel the retailer’s plan to sell more than 20 store leases to a B.C. billionaire, arguing that strong opposition from landlords and the high cost of securing their approval reflect mismanagement of the Bay’s wind-down.

Investment manager ReStore Capital LLC, one of the Bay’s biggest lenders, filed a court motion on July 8 seeking to terminate a deal the retailer reached in May to assign up to 28 store leases to B.C. mall owner Ruby Liu.