Jean Fleming first met billionaire B.C. mall owner Weihong Liu in the jewelry department of Toronto’s Hudson’s Bay flagship store on Queen Street this past April.
A personal shopper with 15 years’ experience, Fleming assisted Liu, the chairwoman of the B.C.-based company Central Walk, and her CEO, Linda Qin, in selecting rubies and other precious stones.
She didn’t know who Liu was that day on April 26 until Qin said, “You’re talking to the new owners of the Bay.” Impressed by her service, they said they’d offer her a job after taking over up to 28 former Hudson’s Bay leases.
On Saturday, Fleming and many former Hudson’s Bay employees were among hundreds who attended Liu’s job and vendor fair, hoping to meet the businesswoman determined to launch a new department store under her English name, “Ruby Liu,” in the retailer’s former locations. (Hudson’s Bay’s intellectual property rights have been sold to Canadian Tire.)
Her bid has faced opposition from a major Hudson’s Bay lender and some of the retailer’s landlords, who say Liu has not presented a proper business plan since signing a purchase agreement of the leases a month ago.
The event drew a huge crowd even before it officially started at 10 a.m. at the InterContinental Hotel in downtown Toronto, where some former Hudson’s Bay employees dressed in orange volunteered to help welcome attendees. At four different tables, Liu’s team interviewed vendors and potential hires, who, at the peak, lined up outside the room for about 15 metres.
Liu, wearing a red top featuring her company’s logo — a red gemstone above her name — told the Star that Hudson’s Bay suggested her company host the two-day event, including one scheduled for next Saturday, to demonstrate that there are enough suppliers and potential employees interested in working for them.
“I was moved (by the huge turnout). With the support of these employees, I can overcome any challenge — and I’m confident we will turn a profit,” she said.
Liu has already paid $6 million for three Hudson’s Bay leases in B.C. shopping malls she owns, but her bid to purchase up to 25 more leases is awaiting landlord approval. Some landlords say she has not provided sufficient information on retail management experience, vendor relationships or solid financial projections.
“They think we’re not capable. They think I’m not good enough. But how can you say that if you’ve never even given me a chance? I’m a changemaker,” Liu said.
She added that she has already prepared $300 million in cash from her own finances to renovate the stores and recruit employees, including approximately 1,000 workers within Ontario.
An Ontario judge on Tuesday adjourned a court hearing initiated by a major creditor of Hudson’s Bay seeking to terminate Liu’s purchase agreement and urged Liu — who is now parting ways with two law firms — to retain legal representation as soon as possible.
Liu told the Star that she hired Janet Lee as her new legal counsel from Metcalfe Blainey & Burns LLP on Wednesday and will submit more information about her business plan by the end of this month.
She categorized the 25 Hudson’s Bay stores she aims to take over into three types. Once she secures the leases, she plans to renovate and open more than 10 “regular stores” within six months; about eight stores, which she calls “platinum,” are expected to open within eight months and will be equipped with additional facilities such as rock climbing walls and interactive technology installations; finally, she plans to open some flagship stores within a year, including special facilities such as children’s playgrounds and Asian supermarkets.
“Actually, landlords don’t need to rush. Just give me the stores for a year and see what I can do. If it works out, great. If it doesn’t, they can get them back for free,” she said.
Venus Vafaei, a former associate manager at Hudson’s Bay’s Richmond Hill store who came to support Liu, said she found Liu “very inspiring” and appreciates her idea of launching an “experimental department store” that not only sells merchandise but also creates events and experiences.
“I do not understand why lenders and the landlords are giving her a hard time. Because actually, she is the one who wants to invest her own money,” she said.
Alireza Kaveh, a former Hudson’s Bay employee and now the CEO of a luxury jewelry brand, echoed the sentiment and said he saw many people getting emotional when Liu spoke on Saturday and said she is not “doing this for herself” but everyone else.
“Everybody was waiting for someone to step in to come up with a solution. She’s here. Let’s not take her for granted,” he said.
