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Hudson’s Bay Battles Lender Over Ruby Liu Lease Deal in Ontario Court

Hudson’s Bay Co. is pushing back against a motion filed by its senior lender, Restore Capital LLC, which seeks to terminate a controversial lease sale to billionaire Ruby Liu. The retailer has asked the Ontario Superior Court to dismiss the motion, arguing that the deal represents its best chance to recover funds for creditors amid its ongoing liquidation. The dispute centers on Hudson’s Bay’s plan to sell up to 28 store leases—25 of which remain pending court and landlord approval—to Liu’s company, Central Walk. While three leases have already been approved for $6 million, Restore claims the remaining transaction is draining resources, citing over $18 million in rent and professional fees with no clear path to completion. Hudson’s Bay CFO Michael Culhane defended the deal, stating that Restore was fully aware of the risks and had previously supported the transaction. He emphasized that Liu has already made a $9.4 million deposit and that the sale could generate significant recoveries ...
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EU Pauses Tariff Retaliation, Eyes August Trade Deal with U.S.

In a strategic move aimed at de-escalating trade tensions, the European Union has announced a delay in imposing retaliatory tariffs on U.S. goods. The tariffs, originally scheduled to take effect on Monday, were suspended following a letter from President Donald Trump outlining new 30% tariffs on EU and Mexican imports starting August 1.

European Commission President Ursula von der Leyen emphasized the bloc’s preference for diplomacy over confrontation, stating, “This is now the time for negotiations.” She confirmed that the EU would use the remaining time before August to pursue a resolution, while continuing preparations for countermeasures should talks fail.

The EU’s decision reflects its broader strategy to maintain stability in its $2 trillion trade relationship with the United States, which includes major exports such as pharmaceuticals, automobiles, and wine. Trade ministers from the 27 member states are set to meet Monday to discuss next steps and assess the potential impact of the proposed U.S. tariffs.

As global markets brace for potential fallout, the EU’s pause signals a cautious optimism that diplomacy might still prevail.

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