A new chapter in the saga of Hudson’s Bay Company has emerged, as several Canadian landlords resist the retailer’s plan to transfer control of up to 28 store leases to B.C. billionaire Weihong (Ruby) Liu, who aims to launch a new department store venture.

Hudson’s Bay, which entered creditor protection in March 2025, has been seeking buyers for numerous leases across both Hudson’s Bay and Saks Canada locations. After a months-long process, it struck a deal to transfer a major chunk of its real estate footprint up to 28 leases to Liu.

While three of those leases have already been transferred without issue (as they belong to malls Liu herself owns in British Columbia), the remaining 25 locations are under the control of some of Canada’s largest commercial real estate firms many of whom are now objecting to the deal.

These landlords, who include major players in the retail and property management sector, have pushed back against transferring the leases to Liu, citing concerns over business viability, operational clarity, or lack of alignment with existing mall strategies.

Despite this resistance, Hudson’s Bay still holds a potential legal path forward. As the company remains under creditor protection, the courts may ultimately weigh in and determine whether the lease transfers can proceed over the landlords’ objections.

Liu, a prominent figure in Canada’s retail and real estate space, is aiming to breathe new life into the shuttered spaces by launching a fresh department store concept — one that could compete with traditional players and capitalize on vacant anchor spaces in malls.

The outcome of this dispute could shape the future of retail real estate in Canada, as mall operators weigh the risks and rewards of a newcomer entering a market already reeling from department store closures and evolving shopping habits.

For now, Hudson’s Bay once a dominant retail giant remains in a holding pattern, caught between a court process, landlord resistance, and an ambitious buyer with a vision for reinvention.