TORONTO – Hudson’s Bay and one of its top lenders are accusing landlords having “ulterior motives” for opposing a push to sell 25 leases to a B.C. billionaire.
In new court documents, the defunct department store and lender Pathlight Capital argue that landlords don’t want Ruby Liu to buy the Bay leases because they’d rather have the properties returned to them to fill as they wish.
If they got control of their properties back, Pathlight argues landlords would be free of lease restrictions which limit how their spaces can be used.
Pathlight says several of the objecting landlords have plans to redevelop the Bay properties for commercial, office, residential and recreational uses.
Pathlight and the Bay will take these arguments to court next week for a hearing meant to determine whether Liu should be able to buy the leases.
Landlords say she should not be able to move in because her business plan for their spaces is unrealistic and not backed by the kind of cash or experience needed to launch and run a new department store.
This report by The Canadian Press was first published Aug. 22, 2025.
