More landlords housing former Hudson’s Bay Company department stores are formally opposing B.C. billionaire Ruby Liu’s plan to launch a new chain by leasing the spaces.

Meanwhile, the company has changed its name following Canadian’s Tire’s completion of the acquisition of its intellectual properties for $30 million.

The landlords have filed made court filings expressing strong opposition to Liu’s proposed agreement to acquire 25 more leases in B.C., Alberta and Ontario from the company as part of its creditor-protection process.

QuadReal, Ivanhoé Cambridge and Kingsett Capital are among companies that filed new court documents, joining Cadillac Fairview and Oxford Properties, who reiterated their opposition in new filings made the same day. In its latest filing, Cadillac Fairview said Liu’s plan “defies commercial common sense.”

Rory MacLeod, Cadillac Fairview’s vice-president of operations, called Liu’s business  “an empty shell without any guarantee of financial means.”

“All of the indications are that [her company] will run out of money before the first store opens,” he wrote.

His comments echo the sentiments of other landlords who have cited Liu’s lack of experience running a large department-store chain, while criticizing her for failing to provide a detailed business plan and contending that the proposed new chain’s projections are unrealistic.

Liu has already completed the $6-million acquisition of three leases of former Bay store spaces at B.C. malls that she owns. But she faces a mountain of difficulty when it comes to securing the other 25 leases that she is seeking.

Senior lenders also oppose her plan.

With Canadian Tire completing its acquisition of the Bay’s intellectual assets, the company has changed its name to Rupert Legacy in reference to the territory in which it first operated in the 1600s.

The territory was governed by England’s Prince Rupert. The name change was required as part of the company’s deal with Canadian Tire.

Canadian Tire has indicated that it will use Hudson’s Bay Company labels and its iconic stripes on products. But it remains to be seen whether Canadian Tire will put the Bay brand on a new retail outlet.

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