Latest news with #RubyLiu
CTV News
4 days ago
- Business
- CTV News
B.C. mall owner says she wanted to run stores more than she wanted Bay trademarks
Ruby Liu may have lost out on owning Hudson's Bay's name and all its trademarks, but she's not bitter because she's got designs on her own retail empire. The B.C. real estate maven is seeking court approval for her $6 million purchase of three leases for former Bay locations in malls she owns in the province. 'I wanted to buy the trademarks, but I also like operating actual retail stores more than having the trademarks,' she told The Canadian Press in an interview in Mandarin. 'Owning the Bay's trademark for me is just like being a manufacturer.' Liu's remarks come after a court approved the sale of the Bay name and its trademarks to Canadian Tire Corp. Ltd. for $30 million at the start of the month. The decision gave the retailer, which also owns SportChek, Party City, Mark's and Pro Hockey Life, a vast trove of intellectual property belonging to Canada's oldest company. It includes rights to the Distinctly Home brand, its Hudson North apparel line and trademarks like 'Bay Days' and the Zellers catchphrase 'the lowest price is the law.' Liu, a Chinese entrepreneur who owns three B.C. malls, had made an offer for the trademarks in hopes of using them to revive the Bay. She faced competition from a dozen other people or companies bidding on the Bay's intellectual property, court documents have said. Other than Canadian Tire and Liu, only Toronto investment manager Urbana Corp. has publicly disclosed it was a bidder. 'When I competed with Canadian Tire, I had to pay more than $30 million and Canadian Tire is very rich,' Liu said of the bidding process, where she said she kept having to increase her offer price. Eventually, she realized she might have to spend $50 million to win the trademarks, so, she said, 'I gave up the bidding.' Hudson's Bay lawyers have said the retailer picked Canadian Tire because its bid was 'the highest and best offer resulting from a competitive process.' Financial advisers who helped on that deal said some of the offers received were indistinguishable, so they sought and obtained modifications to improve them where possible. Liu had better luck when she went up against 11 other parties vying for 39 leases belonging to the Bay and its sister Saks banners. The Bay chose her proposal to take over up to 28 in Alberta, B.C. and Ontario. Anyone who made an offer for leases had to deposit 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million on top of the $6 million for the three leases in her own malls, which would equate to a purchase price of $100 million. The transaction still needs court and landlord approval to move forward. Liu met with landlords in early June. Some have sent letters to Hudson's Bay seeking more information on her plans and outlining 'concerns,' court documents show. The records don't specify what the concerns are but say the Bay is 'hopeful that all matters can be resolved consensually.' In the meantime, it will ask a court on Monday to allow Liu to buy three leases at B.C. malls her Central Walk company owns — Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre. Her plan is to use the spaces and any others she is able to secure to develop a modernized department store she'll name Ruby Liu and market with a scarlet jewel as its logo. Liu said it will sell products like clothing, jewelry and makeup but also have elements for entertainment, kids, seniors, fitness and cosplay — the practice of dressing up as fictional characters. The idea is not to 'just stick to the old ways.' 'I want to innovate,' she said. 'I want to combine the elements of eating, drinking, and having fun with my retail business.' It's unclear whether the leases she wants to take over allow for such activities or whether landlords would even permit them. If they agree to her plan, she'll first have to revamp the sites she is taking over. Many have broken escalators and are in need of repairs to indoor infrastructure as well as roofs and the outdoor facades. Liu estimates she will spend $30 million to get the spaces at the Mayfair Shopping Centre and Woodgrove Center in tip-top shape, but said it's a necessary expense to executive on her vision. 'I want to change,' she said. 'I don't want my three stores to repeat what the Bay was doing.' This report by Tara Deschamps and Nono Shen, The Canadian Press, was first published July 18, 2025.
Winnipeg Free Press
4 days ago
- Business
- Winnipeg Free Press
B.C. mall owner says she wanted to run stores more than she wanted Bay trademarks
Ruby Liu may have lost out on owning Hudson's Bay's name and all its trademarks, but she's not bitter because she's got designs on her own retail empire. The B.C. real estate maven is seeking court approval for her $6 million purchase of three leases for former Bay locations in malls she owns in the province. 'I wanted to buy the trademarks, but I also like operating actual retail stores more than having the trademarks,' she told The Canadian Press in an interview in Mandarin. 'Owning the Bay's trademark for me is just like being a manufacturer.' Liu's remarks come after a court approved the sale of the Bay name and its trademarks to Canadian Tire Corp. Ltd. for $30 million at the start of the month. The decision gave the retailer, which also owns SportChek, Party City, Mark's and Pro Hockey Life, a vast trove of intellectual property belonging to Canada's oldest company. It includes rights to the Distinctly Home brand, its Hudson North apparel line and trademarks like 'Bay Days' and the Zellers catchphrase 'the lowest price is the law.' Liu, a Chinese entrepreneur who owns three B.C. malls, had made an offer for the trademarks in hopes of using them to revive the Bay. She faced competition from a dozen other people or companies bidding on the Bay's intellectual property, court documents have said. Other than Canadian Tire and Liu, only Toronto investment manager Urbana Corp. has publicly disclosed it was a bidder. 'When I competed with Canadian Tire, I had to pay more than $30 million and Canadian Tire is very rich,' Liu said of the bidding process, where she said she kept having to increase her offer price. Eventually, she realized she might have to spend $50 million to win the trademarks, so, she said, 'I gave up the bidding.' Hudson's Bay lawyers have said the retailer picked Canadian Tire because its bid was 'the highest and best offer resulting from a competitive process.' Financial advisers who helped on that deal said some of the offers received were indistinguishable, so they sought and obtained modifications to improve them where possible. Liu had better luck when she went up against 11 other parties vying for 39 leases belonging to the Bay and its sister Saks banners. The Bay chose her proposal to take over up to 28 in Alberta, B.C. and Ontario. Anyone who made an offer for leases had to deposit 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million on top of the $6 million for the three leases in her own malls, which would equate to a purchase price of $100 million. The transaction still needs court and landlord approval to move forward. Liu met with landlords in early June. Some have sent letters to Hudson's Bay seeking more information on her plans and outlining 'concerns,' court documents show. The records don't specify what the concerns are but say the Bay is 'hopeful that all matters can be resolved consensually.' In the meantime, it will ask a court on Monday to allow Liu to buy three leases at B.C. malls her Central Walk company owns — Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre. Her plan is to use the spaces and any others she is able to secure to develop a modernized department store she'll name Ruby Liu and market with a scarlet jewel as its logo. Liu said it will sell products like clothing, jewelry and makeup but also have elements for entertainment, kids, seniors, fitness and cosplay — the practice of dressing up as fictional characters. The idea is not to 'just stick to the old ways.' 'I want to innovate,' she said. 'I want to combine the elements of eating, drinking, and having fun with my retail business.' Monday Mornings The latest local business news and a lookahead to the coming week. It's unclear whether the leases she wants to take over allow for such activities or whether landlords would even permit them. If they agree to her plan, she'll first have to revamp the sites she is taking over. Many have broken escalators and are in need of repairs to indoor infrastructure as well as roofs and the outdoor facades. Liu estimates she will spend $30 million to get the spaces at the Mayfair Shopping Centre and Woodgrove Center in tip-top shape, but said it's a necessary expense to executive on her vision. 'I want to change,' she said. 'I don't want my three stores to repeat what the Bay was doing.' This report by The Canadian Press was first published July 18, 2025.
Toronto Star
4 days ago
- Business
- Toronto Star
B.C. mall owner says she wanted to run stores more than she wanted Bay trademarks
Ruby Liu may have lost out on owning Hudson's Bay's name and all its trademarks, but she's not bitter because she's got designs on her own retail empire. The B.C. real estate maven is seeking court approval for her $6 million purchase of three leases for former Bay locations in malls she owns in the province. 'I wanted to buy the trademarks, but I also like operating actual retail stores more than having the trademarks,' she told The Canadian Press in an interview in Mandarin. 'Owning the Bay's trademark for me is just like being a manufacturer.' ARTICLE CONTINUES BELOW Liu's remarks come after a court approved the sale of the Bay name and its trademarks to Canadian Tire Corp. Ltd. for $30 million at the start of the month. The decision gave the retailer, which also owns SportChek, Party City, Mark's and Pro Hockey Life, a vast trove of intellectual property belonging to Canada's oldest company. It includes rights to the Distinctly Home brand, its Hudson North apparel line and trademarks like 'Bay Days' and the Zellers catchphrase 'the lowest price is the law.' Liu, a Chinese entrepreneur who owns three B.C. malls, had made an offer for the trademarks in hopes of using them to revive the Bay. She faced competition from a dozen other people or companies bidding on the Bay's intellectual property, court documents have said. Other than Canadian Tire and Liu, only Toronto investment manager Urbana Corp. has publicly disclosed it was a bidder. 'When I competed with Canadian Tire, I had to pay more than $30 million and Canadian Tire is very rich,' Liu said of the bidding process, where she said she kept having to increase her offer price. Eventually, she realized she might have to spend $50 million to win the trademarks, so, she said, 'I gave up the bidding.' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Hudson's Bay lawyers have said the retailer picked Canadian Tire because its bid was 'the highest and best offer resulting from a competitive process.' Financial advisers who helped on that deal said some of the offers received were indistinguishable, so they sought and obtained modifications to improve them where possible. Liu had better luck when she went up against 11 other parties vying for 39 leases belonging to the Bay and its sister Saks banners. The Bay chose her proposal to take over up to 28 in Alberta, B.C. and Ontario. Anyone who made an offer for leases had to deposit 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million on top of the $6 million for the three leases in her own malls, which would equate to a purchase price of $100 million. The transaction still needs court and landlord approval to move forward. Liu met with landlords in early June. Some have sent letters to Hudson's Bay seeking more information on her plans and outlining 'concerns,' court documents show. The records don't specify what the concerns are but say the Bay is 'hopeful that all matters can be resolved consensually.' In the meantime, it will ask a court on Monday to allow Liu to buy three leases at B.C. malls her Central Walk company owns — Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Her plan is to use the spaces and any others she is able to secure to develop a modernized department store she'll name Ruby Liu and market with a scarlet jewel as its logo. Liu said it will sell products like clothing, jewelry and makeup but also have elements for entertainment, kids, seniors, fitness and cosplay — the practice of dressing up as fictional characters. The idea is not to 'just stick to the old ways.' 'I want to innovate,' she said. 'I want to combine the elements of eating, drinking, and having fun with my retail business.' It's unclear whether the leases she wants to take over allow for such activities or whether landlords would even permit them. If they agree to her plan, she'll first have to revamp the sites she is taking over. Many have broken escalators and are in need of repairs to indoor infrastructure as well as roofs and the outdoor facades. Liu estimates she will spend $30 million to get the spaces at the Mayfair Shopping Centre and Woodgrove Center in tip-top shape, but said it's a necessary expense to executive on her vision. 'I want to change,' she said. 'I don't want my three stores to repeat what the Bay was doing.' This report by The Canadian Press was first published July 18, 2025.
Yahoo
4 days ago
- Business
- Yahoo
B.C. mall owner says she wanted to run stores more than she wanted Bay trademarks
Ruby Liu may have lost out on owning Hudson's Bay's name and all its trademarks, but she's not bitter because she's got designs on her own retail empire. The B.C. real estate maven is seeking court approval for her $6 million purchase of three leases for former Bay locations in malls she owns in the province. 'I wanted to buy the trademarks, but I also like operating actual retail stores more than having the trademarks,' she told The Canadian Press in an interview in Mandarin. 'Owning the Bay's trademark for me is just like being a manufacturer.' Liu's remarks come after a court approved the sale of the Bay name and its trademarks to Canadian Tire Corp. Ltd. for $30 million at the start of the month. The decision gave the retailer, which also owns SportChek, Party City, Mark's and Pro Hockey Life, a vast trove of intellectual property belonging to Canada's oldest company. It includes rights to the Distinctly Home brand, its Hudson North apparel line and trademarks like "Bay Days" and the Zellers catchphrase "the lowest price is the law." Liu, a Chinese entrepreneur who owns three B.C. malls, had made an offer for the trademarks in hopes of using them to revive the Bay. She faced competition from a dozen other people or companies bidding on the Bay's intellectual property, court documents have said. Other than Canadian Tire and Liu, only Toronto investment manager Urbana Corp. has publicly disclosed it was a bidder. 'When I competed with Canadian Tire, I had to pay more than $30 million and Canadian Tire is very rich," Liu said of the bidding process, where she said she kept having to increase her offer price. Eventually, she realized she might have to spend $50 million to win the trademarks, so, she said, "I gave up the bidding." Hudson's Bay lawyers have said the retailer picked Canadian Tire because its bid was "the highest and best offer resulting from a competitive process." Financial advisers who helped on that deal said some of the offers received were indistinguishable, so they sought and obtained modifications to improve them where possible. Liu had better luck when she went up against 11 other parties vying for 39 leases belonging to the Bay and its sister Saks banners. The Bay chose her proposal to take over up to 28 in Alberta, B.C. and Ontario. Anyone who made an offer for leases had to deposit 10 per cent of their estimated purchase price. Court documents show Liu made a deposit of $9.4 million on top of the $6 million for the three leases in her own malls, which would equate to a purchase price of $100 million. The transaction still needs court and landlord approval to move forward. Liu met with landlords in early June. Some have sent letters to Hudson's Bay seeking more information on her plans and outlining "concerns," court documents show. The records don't specify what the concerns are but say the Bay is "hopeful that all matters can be resolved consensually." In the meantime, it will ask a court on Monday to allow Liu to buy three leases at B.C. malls her Central Walk company owns — Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre. Her plan is to use the spaces and any others she is able to secure to develop a modernized department store she'll name Ruby Liu and market with a scarlet jewel as its logo. Liu said it will sell products like clothing, jewelry and makeup but also have elements for entertainment, kids, seniors, fitness and cosplay — the practice of dressing up as fictional characters. The idea is not to "just stick to the old ways." 'I want to innovate,' she said. 'I want to combine the elements of eating, drinking, and having fun with my retail business.' It's unclear whether the leases she wants to take over allow for such activities or whether landlords would even permit them. If they agree to her plan, she'll first have to revamp the sites she is taking over. Many have broken escalators and are in need of repairs to indoor infrastructure as well as roofs and the outdoor facades. Liu estimates she will spend $30 million to get the spaces at the Mayfair Shopping Centre and Woodgrove Center in tip-top shape, but said it's a necessary expense to executive on her vision. "I want to change," she said. "I don't want my three stores to repeat what the Bay was doing.' This report by The Canadian Press was first published July 18, 2025. Tara Deschamps and Nono Shen, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Vancouver Sun
5 days ago
- Business
- Vancouver Sun
B.C. mall owner offers $6 million for three Hudson's Bay leases: court documents
The B.C. mall owner hoping to buy dozens of Hudson's Bay leases has offered $6 million to take over three locations in malls that she owns, describing it as just the beginning of a new department store empire. Ruby Liu's offer puts a $2 million price tag on each of the leases at Tsawwassen Mills, Mayfair Shopping Centre and Woodgrove Centre in B.C., malls she owns through her real estate business, Central Walk. The deal still needs court approval. It is separate from a bid Liu made for up to 25 other leases held by the Bay and sister companies Saks Fifth Avenue and Saks Off Fifth. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. The new details about how much money Liu is putting behind her push to move into old Bay properties are in court documents filed by the 355-year-old department store. It asks a judge to green-light the deal. In her first interview since Hudson's Bay announced it wanted to sell many of its leases to her, the Chinese billionaire and real estate entrepreneur said the initial $6 million was just a sliver of what she could spend on the entire 28-store package and overhaul that the sites need. 'Mayfair Shopping Centre and Woodgrove Center all require renovations since the equipment in stores was outdated, which requires me to spend at least $30 million on renovations,' Liu said in Mandarin. The goal of the renovations will be to transform the business into a modern retailer she will name after herself and emblazon with a red jewel logo. The stores are expected to include some former Bay vendors, but would also have a product range well beyond the typical assortment for North American department stores. 'We will try to include makeup, jewelry, beautiful clothing, a children's playground, (something for) seniors, tech products and fitness facilities in these three stores,' she said. 'I hope the mall can be a place to eat, drink and have fun.' Several former Bay employees she has already hired will help her develop the new brand and revamp the Bay's vast spaces, including some that are in desperate need of repairs. Court records show the oldest of the leases in her three-store deal dates back to 1993 and is linked to Mayfair Shopping Centre in Victoria, where the Bay held a space spanning more than 166,000 square feet. A second lease for a 146,000 square-foot property at the Woodgrove Centre in Nanaimo was signed in 2000 and a third 32,700 square-foot spot for Tsawwassen Mills was occupied by Saks Off Fifth. Hudson's Bay started seeking buyers for its 96 leases in March after it filed for creditor protection and began an ultimately unsuccessful search for an investor or buyer that could keep the company alive. Real estate advisers had approached 60 firms in hopes of drumming up interest in the Bay leases. A dozen eventually made offers on a collective 39 locations. In May, Liu was chosen as the successful bidder for up to 28 leases in Alberta, B.C. and Ontario, but neither company has revealed exactly which locations — beyond the three she owns — are part of the deal. Any landlords who own properties that the Bay leased — and Liu wants to move into — must agree to the deal for it to move forward. Landlords were not part of the process that selected who would be given the leases and thus could choose to fight Liu's selection, or compel her to meet the same terms Hudson's Bay and Saks had agreed to. Aside from Liu's deal, Bay lawyers have teased that two other companies interested in some of the department store's properties will be announced soon. Other than Canadian Tire Corp. Ltd., which was selected to purchase the Bay's intellectual property for $30 million, it is unknown who else made a play for leases.
