Weihong (Ruby) Liu has failed to supply “a meaningful business” plan for former Hudson’s Bay Company department-stores and lacks the needed experience to run them, says the president and CEO of Cadillac Fairview.

CF and other landlords recently served notice that they oppose the vast majority of Liu’s proposed purchase of 28 leases of former Bay store spaces. On Monday, an Ontario court judge approved her purchase of three Bay leases of former stores in her three B.C. malls for $6 million, or $2 million apiece. But the fate of the other 25 leases covering stores in B.C., Alberta and Ontario will be decided at a later date.

The landlords do not support Liu’s agreement to acquire 23 of those 25 leases, which the Bay has agreed to sell her through the iconic chain’s creditor-protection process.

Iacono told the Globe that Liu’s plans are still lacking details “despite multiple requests” for more specifics.

His comments, made in a statement to The Globe and Mail, ratcheted up landlords’ opposition. Liu met briefly with Cadillac Fairview and other landlords earlier this month to discuss her plans for creating a new, modern department-store chain.

“Our sole meeting was brief, as she was unprepared to discuss her plans or present a business plan,” Iocono wrote in his statement to the Globe.

“We have not received any evidence of retail management expertise, established supplier relationships, logistical/e-commerce capabilities, or robust and realistic financial projections — elements that are foundational for even a single retail store, let alone 28 stores of this size.”

During Monday’s court hearing, lawyers for Cadillac Fairview and other landlords expressed concerns about Liu’s failure to provide sufficient information.

The Globe has reported that Liu sent a letter to landlords providing further details on her plans, including a $300-million commitment to fund the operations of the business. Liu has also pledged to hire 2,500 to 3,000 employees and contended that the revamped stores would be profitable by 2026, The Globe reported while attributing the details to an unidentified source that was not authorized to discuss the confidential matter.

On Monday outside the court, Liu charged that the landlords’ opposition stems from their desire to reclaim unsold leases. Commercial real estate leaders industry leaders have told Connect that the Bay’s leases are highly attractive long-term deals that charge rents well below today’s market value.

But Iacono described the financial projections as being unrealistic.

“Drawing from our decades of extensive experience owning and managing the most prominent shopping centers across Canada, we believe that her claims of enabling retail jobs in Canada – a goal that CF supports – would be much better served if CF and the other professional landlords could proceed with securing established retailers with proven track records to occupy these former HBC boxes,” he wrote in his statement to The Globe.

Court-appointed case monitor Alvarez & Marsal reported the landlords’ opposition in an update on the Bay’s creditor-protection process. The court monitor says that the landlords “would not consent to the assignment of their leases to [Liu] and would oppose any potential future forced assignment.”

However, the document indicates that the landlords could be required to accept the purchase offers in accordance with the Canadian Companies’ Arrangement Act.

According to the monitor, Liu and her lawyers were working to provide the landlords with further details about her plans for the former stores.

All 96 Hudson’s Bay Company stores, including Saks-branded outlets closed June 1.

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