Here is what’s happening with some Hudson’s Bay Company stores in Ontario

Plans are underway to transform some Hudson’s Bay Company stores in Ontario into a new department store concept.

Ruby Liu Commercial Investment Corp., a corporation indirectly controlled by B.C. mall owner and billionaire Ruby Liu, plans to take over the leases of 28 Hudson’s Bay Company stores in Ontario, British Colombia and Alberta.

Hudson’s Bay Company announced it has entered an agreement with Ruby Liu Commercial Investment Corp. as part of its ongoing restructuring as it “is in the best interests of the Company and its stakeholders.”

A Bay spokesperson declined to provide the specific locations of the 28 stores.

The Bay filed for creditor protection on March 7 and later announced all stores would close. Liquidation sales started later in March and are expected to continue until the end of May.

The concept for the 28 stores that Ruby Liu Commercial Investment Corp. will take over is “a new modern department store concept in Canada,” according to the press release from The Bay.

New stores plan to integrate retail, dining, entertainment and cultural experiences, according to a story in Retail Insider.

A video posted on Chinese social media shows Liu with what appears to be an early logo for the new store concept. The post shows her holding a paper with a red diamond and the name “New Bay” printed on it.

Liu said the company would prioritize former Bay employees when hiring and also give suppliers and vendors who worked with The Bay priority when selecting partners for the business, according to a CBC story.

The Hudson’s Bay Company said it remains in discussions with other qualified bidders for other lease locations and will communicate the outcome of those discussions, as appropriate, in the future.

Canadian Tire entered an agreement for the intellectual property of the Hudson’s Bay Company including the HBC stripes and various company names, logos, designs, coat of arms and brand trademarks. The purchase price is $30 million.

Separately, Canadian Tire also has bids in for “a handful of lease locations.”

The lease and intellectual property agreements are subject to final court approval. The leases are also conditional upon landlord consents and certain other terms and conditions.