An Ontario court has ruled against a B.C. billionaire who spent the summer fighting to move into former Hudson’s Bay properties.
Superior Court Judge Peter Osborne says landlords for the properties do not have to accept Ruby Liu as a tenant.
Osborne say he largely agrees with landlords who doubted Liu could meet the obligations of the leases she wanted.
Major landlords including Cadillac Fairview, Oxford Properties and Ivanhoé Cambridge were opposed to Liu buying 25 former Hudson’s Bay leases for $69.1 million.
They painted Liu as an inexperienced retail entrepreneur and said her plan to open at least 20 spaces within 180 days of getting leases was unrealistic.
Liu maintained the three malls she owns prove she has what it takes to launch a new department store and said landlords were battling her because she’s an “outsider” and not their preferred tenant.
More to come.
