Chinese Billionaire in B.C. Says She Wants to Buy Hudson’s Bay to ‘Restore Its Glory’

A Chinese billionaire based in British Columbia has announced plans to buy dozens of Hudson’s Bay stores in a bid to rescue the historic Canadian retailer from collapse.

Weihong Liu, board chairwoman of Central Walk, a retail investment company that owns shopping centres in Nanaimo, Tsawwassen, and Victoria, posted a series of videos on Chinese social media platform RedNote declaring her intent to purchase and revive the iconic department store chain.

“Knowing that The Bay, this national brand that carries Canada’s history, will collapse, I can’t stand by and watch,” Liu said in Mandarin. “We Canadians need to unite … solve employment, create miracles.”

Videos show Liu touring Bay stores from Toronto to Calgary alongside B.C. real estate agent Linda Qin, outlining her proposal on a whiteboard. Her goal, she says, is to “let the young generation in Canada fall in love with The Bay again.”

A Race Against the Clock

Hudson’s Bay Company (HBC) is currently liquidating all but six of its 80 Canadian stores, as well as its three Saks Fifth Avenue locations and 13 Saks Off 5th outlets. Binding bids for store assets are due April 30, while bids for leases are due May 1.

Liu said she would submit her proposal within days, but she and Qin have not confirmed whether a formal bid has been submitted. HBC, Alvarez & Marsal (the firm overseeing the restructuring), and Reflect Advisors all declined to comment while the process is ongoing.

Analysts Say Reviving The Bay Won’t Be Easy

Retail experts say Liu faces steep hurdles.

“She could just be somebody wanting good social media attention,” said Craig Patterson, publisher of Retail Insider.

Patterson said any investor would need to secure vendor trust—difficult for a bankrupt chain—as most suppliers would demand cash on delivery. A minimum of 15 operational stores would also be required to make the effort viable, he added.

He also noted that Liu’s Woodgrove Shopping Centre in Nanaimo is currently listed for sale, suggesting her resources may already be stretched.

Retail strategist Lisa Hutcheson agreed that Liu would need to do far more than reopen stores as-is.

“Buying the store and keeping it the same will only make it another redundant brand,” she said. “Restoring relationships with suppliers will require a lot of trust.”

A Sentimental, But Costly Gamble

Hudson’s Bay has deep roots in Canada, dating back to 1670 as a fur trading company, with its first retail store opening in Winnipeg in 1881. But in recent years, it struggled to stay relevant in the changing retail landscape.

Liu’s emotional plea to preserve the brand has resonated with some online, especially as Canadian icons like Zellers and Sears have faded from the high street.

But analysts say passion alone won’t be enough.

“I don’t think it’s just an easy ‘I’m going to buy this and keep it open,’” said Hutcheson. “There’s real work required to make this brand relevant again.”

As of now, Liu and her team say more announcements are coming—but whether that will include a formal offer for The Bay remains to be seen.