An Ontario court has ruled against a British Columbia billionaire who spent the summer trying to move into a former Hudson's Bay property.
Judge says property landlords are not required to accept Liu as a tenant
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(Darryl Dyck/Canadian Press)
An Ontario court has ruled against a British Columbia billionaire who spent the summer trying to move into a former Hudson's Bay property.
Supreme Court Justice Peter Osborne says property landlords are not required to accept Ruby Liu as a tenant.
Osborne says he largely agrees with landlords who doubted Liu could meet the lease obligations she wanted.
Major landlords including Cadillac Fairview, Oxford Properties and Ivanhoé Cambridge opposed Liu's purchase of 25 former rental homes in Hudson Bay for $69.1 million.
They portrayed Liu as an inexperienced retail entrepreneur and said her plan to open at least 20 locations within 180 days of securing a lease was unrealistic.
Liu said the three shopping centers she owns prove she has what it takes to open a new department store, and said landlords have fought her because she is an “outsider” and not their preferred tenant.
More to come.
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