A British Columbia billionaire is facing challenges in her bid to acquire leases from Hudson's Bay. Ruby Liu aims to purchase 25 leases for $69.1 million to establish a new department store named after herself. However, landlords are questioning her financial capability to launch this venture.

In a court hearing on Friday, prominent landlords, including Cadillac Fairview, Oxford Properties, and Ivanhoé Cambridge, argued against Liu's plans. They contend that she lacks the necessary experience and team to manage a retail operation of this scale. The landlords are also skeptical about her proposed budget of $400 million for renovations and store openings within six months, deeming it unrealistic.

Matthew Gottlieb, a lawyer representing KingSett Capital, stated, "Ms. Liu does not have $400 million or anywhere close to $400 million." He described her financial claims as "non-existent" and characterized her alleged commitment as mere "window dressing."

Gottlieb explained that Liu has not provided a personal guarantee for the $400 million and that much of her wealth is tied up in international companies without binding commitments to support her new business. Liu's proposed purchasing entity is wholly owned by Techion Global Investments Ltd., registered in the British Virgin Islands. Additionally, she co-owns Central Walk Company Ltd. in Barbados with her brother.

Gottlieb emphasized that Liu's funds are located in Hong Kong and Singapore, not in Canada. He argued, "There are not funds in a Canadian bank for $400 million or anything close."

Liu has claimed that her ownership of three B.C. malls could provide funding. She holds a 70% stake in Woodgrove Centre in Nanaimo and Mayfair Shopping Centre in Victoria, along with a 30% stake in Tsawwassen Mills in Delta. However, Gottlieb pointed out that these malls collectively lost approximately $19 million in 2023 and 2024, raising doubts about their viability as financial resources.

Gottlieb also noted that Liu has mentioned a bid to purchase Mayfair but has not provided documentation to support this claim. Even if she were to sell Mayfair for $232 million, KingSett argued that after repaying a $141.9 million mortgage, the remaining funds would not be sufficient to cover her debts.

Linda Galessiere, representing other landlords, criticized Liu's team as inexperienced. She highlighted that Liu's CEO had only recently transitioned from a real estate agent role, and her chief human resources officer previously worked as an early childhood educator. Galessiere also pointed out that Liu had to be persuaded to hire more qualified staff, as Hudson's Bay had to lower the purchase price to facilitate this.

During cross-examination, Galessiere revealed that former Bay president Wayne Drumond, who Liu had briefly hired, was not under contract with her despite being mentioned in media reports. She described Liu's actions as "dishonest" and "misleading."

The court proceedings continue as landlords seek to prevent Liu from becoming a tenant, arguing that her plans are not feasible given her financial situation and the inexperience of her team.