B.C. billionaire mall owner Ruby Liu is fighting back against landlords as they display increased opposition to her plan to acquire 25 more Hudson’s Bay Company store leases from the iconic chain.

Meanwhile, Franco Perugini, the company’s vice-president of real estate, has urged an Ontario court to support her quest

In a new court filing, Liu disputes the landlords’ estimated costs of renovating the now closed stores in B.C., Alberta and Saskatchewan. Liu also refutes the landlords’ claims that she lacks the experience, expertise and financial resources necessary to run a new department-store chain bearing her name.

Her court filing followed new landlord submissions that cited numerous reasons for the court to reject Liu’s proposed deal with the company, outlining hundreds of millions of dollars of required store improvements in addition to the other factors.

Liu challenges landlord claims that she cannot successfully operate in their spaces. She again pledged to work with landlords on the renovations and personal guarantee to cover any costs that exceed her projections.

Liu plans to transform the former Bay sites — along with three others that she has already bought at B.C. malls that she owns — into a new chain combining retail, entertainment, dining and recreation.

The landlords argue that their leases prohibit such uses and that Liu’s budgets and timelines are unrealistic, given the significant work and repairs needed. Liu counters that the spaces were operating under the Bay without the renovations being demanded, and says her company will complete any necessary work, even if costs exceed her current budget.

To refute landlord assertions that she lacks supplier commitments, Liu submitted letters from brands including Conair and Northern Reflections expressing willingness to work with her.

In his filing, Perugini delivers a scathing attack on the landlords, contending that they stand to make a “windfall” at the expense of the companies’ creditors, from the redevelopment of the spaces into such other uses as multi-residential. He said the long-term leases contain restrictive covenants that prevent the landlords from redeveloping the vacated spaces.

Cadillac Fairview and Oxford Properties have, arguably, been the most outspoken landlords seeking to block Liu’s proposed deal. They submitted new court filings this week, while QuadReal, KingSett Capital and Morguard, relatively quiet until now, also issued new court filings that express the companies’ opposition to Liu’s plan and outline significant required renovations.

Pictured: The since-closed Hudson’s Bay Company store at Conestoga Mall in Kitchener, Ont.

Photo: Shutterstock