Hudson’s Bay says it plans to sell up to 28 of its store leases to a B.C. mall owner who wants to launch “a new modern department store.”
Canada’s oldest company says it will seek court permission for Ruby Liu to take over some properties the department store and its sister Saks businesses leased in Alberta, B.C. and Ontario.
The company did not say what amount Liu has offered for the properties nor which locations/addresses she wants.
The 28 leases make up a significant portion of the 96 sites Hudson’s Bay and Saks hold in some of the country’s most desirable and high-traffic shopping districts.
Liu is a serial investor originally from China who owns the B.C. malls Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre.
Hudson’s Bay filed for creditor protection amid mounting debts in March and will have liquidated all of its stores by the end of the month.