Toronto (CNW) – Canadian Tire announced that it has entered into a definitive agreement to become the home of iconic Canadian brands and other intellectual property of the Hudson’s Bay Company (HBC). This includes the HBC Stripes and various company names, logos, designs, coat of arms and brand trademarks.
The Company released the following statement from Greg Hicks, President and CEO, Canadian Tire Corporation:
“Canadian Tire and the Hudson’s Bay Company are among the nation’s longest-standing companies, with a combined Canadian heritage measured in centuries. Some things are just meant to stay Canadian and we are honoured to welcome many of HBC’s leading brands – including the iconic HBC coat of arms and the Stripes – into our Canadian Tire family.
“This choice feels as strategic as it feels patriotic. It builds on our generational connection to life in Canada and it fits our new True North strategy. The Stripes will add beautifully to our portfolio of owned brands alongside other Canadian favourites that we have fostered and grown, and The Bay and its brands have long been known for their strength in categories that our customers will seek in our stores and online.
“It’s disheartening to witness the final days of another great Canadian retailer, and while the circumstances are unfortunate, we’re proud to step in for customers. Ultimately, customers are at the core of all we do, and by Canadians’ reaction to recent rumours of this news, it is clear they see us as a great home for HBC’s heritage. We are proud to steward these iconic brands into our – and their – next century.”
The agreement is subject to court approval and other customary terms and conditions, and CTC expects the transaction to close later this summer. CTC will acquire HBC’s intellectual property portfolio, including brand labels and designs for the HBC Stripes, Hudson’s Bay Company, The Bay and various other HBC logos and company trademarks, for a purchase price of $30 million. Separately, CTC has bid for a handful of lease locations.
