Landlord Cadillac Fairview Pushes Back on Hudson’s Bay Lease Deal

Cadillac Fairview (CF), one of Canada’s biggest mall owners, is asking Ontario’s top court to reject a plan that would hand over 25 old Hudson’s Bay store leases to Central Walk — a company owned by Vancouver businesswoman Ruby Liu.

In a court filing on July 22, 2025, CF said this deal could put landlords in a tough spot, locking them into risky, long-term lease agreements and potentially costing them hundreds of millions of dollars.

This lease deal is part of Hudson’s Bay’s ongoing shutdown and restructuring, now under Canada’s Companies’ Creditors Arrangement Act (CCAA) — a legal process for struggling businesses.

What’s the Deal?

HBC signed an agreement to sell the leases to Liu’s company back in May, but still hasn’t asked the court to officially approve 25 out of the 28 properties involved.

CF says HBC has had two months to get things in order but still hasn’t shared basic details like Liu’s full business plan or financial forecasts. This leaves landlords in the dark and unable to fairly respond.

“The landlords deserve a fair shot to respond — and this issue is a big one,” CF argued. “We are fully against Liu’s company taking over the leases.”

Why the Pushback?

CF says a meeting with Liu in June went nowhere — no business plan was shown, and since then, they’ve heard almost nothing official. Instead, they’ve had to rely on news stories and social media to figure out what Liu is planning.

Liu wants to launch a new chain of department stores across Canada, with some reports saying she may name them “Ruby Liu.” But red flags are popping up: she’s been showing up in court without a lawyer, and last month, a judge postponed a hearing because of it.

Timeline Drama

Although the court wants things to move quickly, CF says the applicants (Liu and HBC) are dragging their feet — possibly because they’re not ready. CF wants to stick with the Sept. 11 court date, but they also want the deadlines moved up to give landlords enough time to prepare their own expert opinions and question up to a dozen witnesses (some needing Mandarin interpreters).

CF’s biggest concern? That the proposed new anchor tenant is unproven, and her retail vision might not work — especially since these former HBC stores are key pieces in major shopping malls. If the plan flops, it could hurt mall traffic and lower the property values.

They argue that the court shouldn’t allow Liu or HBC to change their plan last-minute or submit new information mid-hearing.

Which Properties Are We Talking About?

While the exact list hasn’t been released, we know some of the former HBC stores involved are at:

• CF Chinook Centre and CF Market Mall in Calgary

• CF Toronto Eaton Centre and other Greater Toronto locations

• CF Richmond Centre (Vancouver), and more across Canada

Back in June, Liu got court approval for three HBC leases — all in B.C. malls she already owns, like Tsawwassen Mills, Woodgrove Centre (Nanaimo), and Mayfair Shopping Centre (Victoria).

Most Landlords Say No

Most landlords involved in this case are reportedly against Liu taking over the leases.

As this legal battle heats up, it’s becoming a key moment in the final chapter of the Hudson’s Bay department store legacy in Canada — all of their stores closed for good in June.

Meanwhile, Canadian Tire has already scooped up the Hudson’s Bay brand and trademarks earlier in the CCAA process.