Hudson’s Bay plans to sell 28 store leases to Chinese investor

Canadian department store chain Hudson’s Bay is believed to be eyeing the sale of up to 28 of its store leases to a Chinese investor who wishes to build “a new modern department store”.

In a press release seen by multiple media outlets, including CBC, it is said that Hudson’s Bay will seek court permission to sell a group of properties to Ruby Liu. This includes sites under its namesake banner and some as part of its Saks business.

Hudon’s Bay did not disclose to the press how much Liu had offered for the properties or which specific locations are included in the deal.

A separate release issued by Liu, meanwhile, stated that the investor, and the owner of three B.C. malls, intends to bridge the gap between generations by “providing immersive shopping experiences, and becoming a destination where all age groups thrive together”.

Liu had already been vocal about her plans to “restore the Bay to its glory” on the Chinese social media platform, RedNote. Here, videos posted to the site on May 23 showed Liu signing an agreement for the leases in a board room.

Hudson’s Bay is currently in the process of liquidating all of its Canadian stores after filing for creditor protection back in March. The company has a total of 96 leases across the country, 39 of which are said to have been bid on by 12 parties, according to court filings seen by CBC.

One of these parties is Canadian Tire Corporation which struck a deal to acquire the intellectual property of Hudson’s Bay for 30 million Canadian dollars. The company had confirmed that it had “bid for a handful of lease locations”.

Hudson’s Bay, meanwhile, has told media outlets that it is still in discussions with other bidders and would “communicate the outcome of those discussions, as appropriate, in the future”.

FashionUnited has contacted Hudson’s Bay and Ruby Liu’s investment firm, Central Walk, with requests to comment.